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    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ServicingAssetAtAmortizedValue_607F2AD41AC0F319589982171BA61E90" xlink:to="lab_us-gaap_ServicingAssetAtAmortizedValue_607F2AD41AC0F319589982171BA61E90" xlink:type="arc" />
    <link:label id="lab_us-gaap_MortgageLoansOnRealEstateNumberOfLoans_68D30C07D0D03EDB060582171BA6C511_terseLabel_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateNumberOfLoans_68D30C07D0D03EDB060582171BA6C511" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of loans</link:label>
    <link:label id="lab_us-gaap_MortgageLoansOnRealEstateNumberOfLoans_68D30C07D0D03EDB060582171BA6C511_label_en-US" xlink:label="lab_us-gaap_MortgageLoansOnRealEstateNumberOfLoans_68D30C07D0D03EDB060582171BA6C511" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mortgage Loans on Real Estate, Number of Loans</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateNumberOfLoans" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateNumberOfLoans_68D30C07D0D03EDB060582171BA6C511" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateNumberOfLoans_68D30C07D0D03EDB060582171BA6C511" xlink:to="lab_us-gaap_MortgageLoansOnRealEstateNumberOfLoans_68D30C07D0D03EDB060582171BA6C511" xlink:type="arc" />
    <link:label id="lab_us-gaap_PrincipalAmountOutstandingOnLoansManagedAndSecuritized_327D6581A1FD731B4A5682171BA66DC3_verboseLabel_en-US" xlink:label="lab_us-gaap_PrincipalAmountOutstandingOnLoansManagedAndSecuritized_327D6581A1FD731B4A5682171BA66DC3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Loan Principal</link:label>
    <link:label id="lab_us-gaap_PrincipalAmountOutstandingOnLoansManagedAndSecuritized_327D6581A1FD731B4A5682171BA66DC3_label_en-US" xlink:label="lab_us-gaap_PrincipalAmountOutstandingOnLoansManagedAndSecuritized_327D6581A1FD731B4A5682171BA66DC3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Principal Amount Outstanding on Loans Managed and Securitized or Asset-backed Financing Arrangement</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PrincipalAmountOutstandingOnLoansManagedAndSecuritized" xlink:label="loc_us-gaap_PrincipalAmountOutstandingOnLoansManagedAndSecuritized_327D6581A1FD731B4A5682171BA66DC3" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PrincipalAmountOutstandingOnLoansManagedAndSecuritized_327D6581A1FD731B4A5682171BA66DC3" xlink:to="lab_us-gaap_PrincipalAmountOutstandingOnLoansManagedAndSecuritized_327D6581A1FD731B4A5682171BA66DC3" xlink:type="arc" />
    <link:label id="lab_rwt_PrincipalBalanceOfLoansAcquiredDuringPeriod_BFE1F3D9AEE8B40F30FE82171BA699C3_terseLabel_en-US" xlink:label="lab_rwt_PrincipalBalanceOfLoansAcquiredDuringPeriod_BFE1F3D9AEE8B40F30FE82171BA699C3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Principal value of loans purchased</link:label>
    <link:label id="lab_rwt_PrincipalBalanceOfLoansAcquiredDuringPeriod_BFE1F3D9AEE8B40F30FE82171BA699C3_label_en-US" xlink:label="lab_rwt_PrincipalBalanceOfLoansAcquiredDuringPeriod_BFE1F3D9AEE8B40F30FE82171BA699C3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Principal Balance of Loans Acquired During Period</link:label>
    <link:label id="lab_rwt_PrincipalBalanceOfLoansAcquiredDuringPeriod_BFE1F3D9AEE8B40F30FE82171BA699C3_documentation_en-US" xlink:label="lab_rwt_PrincipalBalanceOfLoansAcquiredDuringPeriod_BFE1F3D9AEE8B40F30FE82171BA699C3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Principal Balance of Loans Acquired During Period</link:label>
    <link:loc xlink:href="rwt-20160331.xsd#rwt_PrincipalBalanceOfLoansAcquiredDuringPeriod" xlink:label="loc_rwt_PrincipalBalanceOfLoansAcquiredDuringPeriod_BFE1F3D9AEE8B40F30FE82171BA699C3" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_rwt_PrincipalBalanceOfLoansAcquiredDuringPeriod_BFE1F3D9AEE8B40F30FE82171BA699C3" xlink:to="lab_rwt_PrincipalBalanceOfLoansAcquiredDuringPeriod_BFE1F3D9AEE8B40F30FE82171BA699C3" xlink:type="arc" />
    <link:label id="lab_us-gaap_FairValueOptionChangesInFairValueGainLoss1_1C2FC07186635918E90A82171BA683C5_verboseLabel_en-US" xlink:label="lab_us-gaap_FairValueOptionChangesInFairValueGainLoss1_1C2FC07186635918E90A82171BA683C5" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Valuation adjustments</link:label>
    <link:label id="lab_us-gaap_FairValueOptionChangesInFairValueGainLoss1_1C2FC07186635918E90A82171BA683C5_label_en-US" xlink:label="lab_us-gaap_FairValueOptionChangesInFairValueGainLoss1_1C2FC07186635918E90A82171BA683C5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Option, Changes in Fair Value, Gain (Loss)</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueOptionChangesInFairValueGainLoss1" xlink:label="loc_us-gaap_FairValueOptionChangesInFairValueGainLoss1_1C2FC07186635918E90A82171BA683C5" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueOptionChangesInFairValueGainLoss1_1C2FC07186635918E90A82171BA683C5" xlink:to="lab_us-gaap_FairValueOptionChangesInFairValueGainLoss1_1C2FC07186635918E90A82171BA683C5" xlink:type="arc" />
    <link:label id="lab_rwt_FinancingReceivableNumberOfLoansPastDue_752D8C1B161F649E26FA82171BA7C643_terseLabel_en-US" xlink:label="lab_rwt_FinancingReceivableNumberOfLoansPastDue_752D8C1B161F649E26FA82171BA7C643" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financing Receivable, Number Of Loans Past Due 90 Days Or More</link:label>
    <link:label id="lab_rwt_FinancingReceivableNumberOfLoansPastDue_752D8C1B161F649E26FA82171BA7C643_label_en-US" xlink:label="lab_rwt_FinancingReceivableNumberOfLoansPastDue_752D8C1B161F649E26FA82171BA7C643" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financing Receivable, Number Of Loans Past Due</link:label>
    <link:label id="lab_rwt_FinancingReceivableNumberOfLoansPastDue_752D8C1B161F649E26FA82171BA7C643_documentation_en-US" xlink:label="lab_rwt_FinancingReceivableNumberOfLoansPastDue_752D8C1B161F649E26FA82171BA7C643" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Financing Receivable, Number Of Loans Past Due</link:label>
    <link:loc xlink:href="rwt-20160331.xsd#rwt_FinancingReceivableNumberOfLoansPastDue" xlink:label="loc_rwt_FinancingReceivableNumberOfLoansPastDue_752D8C1B161F649E26FA82171BA7C643" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_rwt_FinancingReceivableNumberOfLoansPastDue_752D8C1B161F649E26FA82171BA7C643" xlink:to="lab_rwt_FinancingReceivableNumberOfLoansPastDue_752D8C1B161F649E26FA82171BA7C643" xlink:type="arc" />
    <link:label id="lab_rwt_FinancingReceivableNumberOfLoansInForeclosure_2B93C3E57CF92DE9035882171BA7DFD9_terseLabel_en-US" xlink:label="lab_rwt_FinancingReceivableNumberOfLoansInForeclosure_2B93C3E57CF92DE9035882171BA7DFD9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financing Receivable, Number Of Loans In Foreclosure</link:label>
    <link:label id="lab_rwt_FinancingReceivableNumberOfLoansInForeclosure_2B93C3E57CF92DE9035882171BA7DFD9_label_en-US" xlink:label="lab_rwt_FinancingReceivableNumberOfLoansInForeclosure_2B93C3E57CF92DE9035882171BA7DFD9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financing Receivable, Number Of Loans In Foreclosure</link:label>
    <link:label id="lab_rwt_FinancingReceivableNumberOfLoansInForeclosure_2B93C3E57CF92DE9035882171BA7DFD9_documentation_en-US" xlink:label="lab_rwt_FinancingReceivableNumberOfLoansInForeclosure_2B93C3E57CF92DE9035882171BA7DFD9" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Financing Receivable, Number Of Loans In Foreclosure</link:label>
    <link:loc xlink:href="rwt-20160331.xsd#rwt_FinancingReceivableNumberOfLoansInForeclosure" xlink:label="loc_rwt_FinancingReceivableNumberOfLoansInForeclosure_2B93C3E57CF92DE9035882171BA7DFD9" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_rwt_FinancingReceivableNumberOfLoansInForeclosure_2B93C3E57CF92DE9035882171BA7DFD9" xlink:to="lab_rwt_FinancingReceivableNumberOfLoansInForeclosure_2B93C3E57CF92DE9035882171BA7DFD9" xlink:type="arc" />
    <link:label id="lab_us-gaap_TransferOfLoansHeldForSaleToPortfolioLoans1_CCEDD5095DD355EF463D82171BA763E0_terseLabel_en-US" xlink:label="lab_us-gaap_TransferOfLoansHeldForSaleToPortfolioLoans1_CCEDD5095DD355EF463D82171BA763E0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Transfers from loans held-for-sale to loans held-for-investment</link:label>
    <link:label id="lab_us-gaap_TransferOfLoansHeldForSaleToPortfolioLoans1_CCEDD5095DD355EF463D82171BA763E0_label_en-US" xlink:label="lab_us-gaap_TransferOfLoansHeldForSaleToPortfolioLoans1_CCEDD5095DD355EF463D82171BA763E0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Transfer of Loans Held-for-sale to Portfolio Loans</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_TransferOfLoansHeldForSaleToPortfolioLoans1" xlink:label="loc_us-gaap_TransferOfLoansHeldForSaleToPortfolioLoans1_CCEDD5095DD355EF463D82171BA763E0" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TransferOfLoansHeldForSaleToPortfolioLoans1_CCEDD5095DD355EF463D82171BA763E0" xlink:to="lab_us-gaap_TransferOfLoansHeldForSaleToPortfolioLoans1_CCEDD5095DD355EF463D82171BA763E0" xlink:type="arc" />
    <link:label id="lab_us-gaap_TransferOfPortfolioLoansAndLeasesToHeldForSale1_C2772F2E6E902FF5EBD082171BA7E198_terseLabel_en-US" xlink:label="lab_us-gaap_TransferOfPortfolioLoansAndLeasesToHeldForSale1_C2772F2E6E902FF5EBD082171BA7E198" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Transfers from loans held-for-investment to loans held-for-sale</link:label>
    <link:label id="lab_us-gaap_TransferOfPortfolioLoansAndLeasesToHeldForSale1_C2772F2E6E902FF5EBD082171BA7E198_label_en-US" xlink:label="lab_us-gaap_TransferOfPortfolioLoansAndLeasesToHeldForSale1_C2772F2E6E902FF5EBD082171BA7E198" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Transfer of Portfolio Loans and Leases to Held-for-sale</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_TransferOfPortfolioLoansAndLeasesToHeldForSale1" xlink:label="loc_us-gaap_TransferOfPortfolioLoansAndLeasesToHeldForSale1_C2772F2E6E902FF5EBD082171BA7E198" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TransferOfPortfolioLoansAndLeasesToHeldForSale1_C2772F2E6E902FF5EBD082171BA7E198" xlink:to="lab_us-gaap_TransferOfPortfolioLoansAndLeasesToHeldForSale1_C2772F2E6E902FF5EBD082171BA7E198" xlink:type="arc" />
    <link:label id="lab_rwt_PrincipalBalanceofLoansSoldDuringPeriod_33997363D513D2C9DD6482171BA71409_terseLabel_en-US" xlink:label="lab_rwt_PrincipalBalanceofLoansSoldDuringPeriod_33997363D513D2C9DD6482171BA71409" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Principal balance of loans sold during period</link:label>
    <link:label id="lab_rwt_PrincipalBalanceofLoansSoldDuringPeriod_33997363D513D2C9DD6482171BA71409_label_en-US" xlink:label="lab_rwt_PrincipalBalanceofLoansSoldDuringPeriod_33997363D513D2C9DD6482171BA71409" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Principal Balance of Loans Sold During Period</link:label>
    <link:label id="lab_rwt_PrincipalBalanceofLoansSoldDuringPeriod_33997363D513D2C9DD6482171BA71409_documentation_en-US" xlink:label="lab_rwt_PrincipalBalanceofLoansSoldDuringPeriod_33997363D513D2C9DD6482171BA71409" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Principal Balance of Loans Sold During Period</link:label>
    <link:loc xlink:href="rwt-20160331.xsd#rwt_PrincipalBalanceofLoansSoldDuringPeriod" xlink:label="loc_rwt_PrincipalBalanceofLoansSoldDuringPeriod_33997363D513D2C9DD6482171BA71409" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_rwt_PrincipalBalanceofLoansSoldDuringPeriod_33997363D513D2C9DD6482171BA71409" xlink:to="lab_rwt_PrincipalBalanceofLoansSoldDuringPeriod_33997363D513D2C9DD6482171BA71409" xlink:type="arc" />
    <link:label id="lab_rwt_FinancingReceivableCreditScoreFICOWeightedAverage_0F35D711A3C7FF0D79EE82171BA7B8AC_terseLabel_en-US" xlink:label="lab_rwt_FinancingReceivableCreditScoreFICOWeightedAverage_0F35D711A3C7FF0D79EE82171BA7B8AC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted average original Fair Isaac Corporation (FICO) score</link:label>
    <link:label id="lab_rwt_FinancingReceivableCreditScoreFICOWeightedAverage_0F35D711A3C7FF0D79EE82171BA7B8AC_label_en-US" xlink:label="lab_rwt_FinancingReceivableCreditScoreFICOWeightedAverage_0F35D711A3C7FF0D79EE82171BA7B8AC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financing Receivable, Credit Score, FICO, Weighted Average</link:label>
    <link:label id="lab_rwt_FinancingReceivableCreditScoreFICOWeightedAverage_0F35D711A3C7FF0D79EE82171BA7B8AC_documentation_en-US" xlink:label="lab_rwt_FinancingReceivableCreditScoreFICOWeightedAverage_0F35D711A3C7FF0D79EE82171BA7B8AC" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The weighted average FICO score for borrowers at the time loans were originated.</link:label>
    <link:loc xlink:href="rwt-20160331.xsd#rwt_FinancingReceivableCreditScoreFICOWeightedAverage" xlink:label="loc_rwt_FinancingReceivableCreditScoreFICOWeightedAverage_0F35D711A3C7FF0D79EE82171BA7B8AC" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_rwt_FinancingReceivableCreditScoreFICOWeightedAverage_0F35D711A3C7FF0D79EE82171BA7B8AC" xlink:to="lab_rwt_FinancingReceivableCreditScoreFICOWeightedAverage_0F35D711A3C7FF0D79EE82171BA7B8AC" xlink:type="arc" />
    <link:label id="lab_rwt_FinancingReceivableLoanToValueRatio_0DFCE4271060D4C0D47282171BA7498F_terseLabel_en-US" xlink:label="lab_rwt_FinancingReceivableLoanToValueRatio_0DFCE4271060D4C0D47282171BA7498F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted average original loan-to-value (LTV)</link:label>
    <link:label id="lab_rwt_FinancingReceivableLoanToValueRatio_0DFCE4271060D4C0D47282171BA7498F_label_en-US" xlink:label="lab_rwt_FinancingReceivableLoanToValueRatio_0DFCE4271060D4C0D47282171BA7498F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financing Receivable, Loan To Value Ratio</link:label>
    <link:label id="lab_rwt_FinancingReceivableLoanToValueRatio_0DFCE4271060D4C0D47282171BA7498F_documentation_en-US" xlink:label="lab_rwt_FinancingReceivableLoanToValueRatio_0DFCE4271060D4C0D47282171BA7498F" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Financing Receivable, Loan To Value Ratio</link:label>
    <link:loc xlink:href="rwt-20160331.xsd#rwt_FinancingReceivableLoanToValueRatio" xlink:label="loc_rwt_FinancingReceivableLoanToValueRatio_0DFCE4271060D4C0D47282171BA7498F" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_rwt_FinancingReceivableLoanToValueRatio_0DFCE4271060D4C0D47282171BA7498F" xlink:to="lab_rwt_FinancingReceivableLoanToValueRatio_0DFCE4271060D4C0D47282171BA7498F" xlink:type="arc" />
    <link:label id="lab_rwt_LoansReceivablePercentageBearingFixedInterestPercentageRate_D3E2A95EF9A0BB66A10A82171BA7A44F_terseLabel_en-US" xlink:label="lab_rwt_LoansReceivablePercentageBearingFixedInterestPercentageRate_D3E2A95EF9A0BB66A10A82171BA7A44F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of fixed-rate loans</link:label>
    <link:label id="lab_rwt_LoansReceivablePercentageBearingFixedInterestPercentageRate_D3E2A95EF9A0BB66A10A82171BA7A44F_label_en-US" xlink:label="lab_rwt_LoansReceivablePercentageBearingFixedInterestPercentageRate_D3E2A95EF9A0BB66A10A82171BA7A44F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loans Receivable, Percentage Bearing Fixed Interest, Percentage Rate</link:label>
    <link:label id="lab_rwt_LoansReceivablePercentageBearingFixedInterestPercentageRate_D3E2A95EF9A0BB66A10A82171BA7A44F_documentation_en-US" xlink:label="lab_rwt_LoansReceivablePercentageBearingFixedInterestPercentageRate_D3E2A95EF9A0BB66A10A82171BA7A44F" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Loans Receivable, Percentage Bearing Fixed Interest, Percentage Rate</link:label>
    <link:loc xlink:href="rwt-20160331.xsd#rwt_LoansReceivablePercentageBearingFixedInterestPercentageRate" xlink:label="loc_rwt_LoansReceivablePercentageBearingFixedInterestPercentageRate_D3E2A95EF9A0BB66A10A82171BA7A44F" xlink:type="locator" />
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    <link:label id="lab_rwt_FinancingReceivablesWeightedAverageInterestRate_C9B4DFD899B6C7E1459082171BA79D12_terseLabel_en-US" xlink:label="lab_rwt_FinancingReceivablesWeightedAverageInterestRate_C9B4DFD899B6C7E1459082171BA79D12" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted average coupon rate</link:label>
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    <link:label id="lab_us-gaap_RealEstateInvestmentMember_2DC22E88E88506201CF5727C1CE4588E_terseLabel_en-US" xlink:label="lab_us-gaap_RealEstateInvestmentMember_2DC22E88E88506201CF5727C1CE4588E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Real Estate Securities</link:label>
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    <link:label id="lab_us-gaap_PaymentsToPurchaseLoansHeldForSale_51FB2247357BA1314A6A7054747981F1_terseLabel_en-US" xlink:label="lab_us-gaap_PaymentsToPurchaseLoansHeldForSale_51FB2247357BA1314A6A7054747981F1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Senior commercial loans, held for sale</link:label>
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    <link:label id="lab_us-gaap_LoansAndLeasesReceivableNetReportedAmountCommercial_65C743528017EF2D4C6670547479B3AD_terseLabel_en-US" xlink:label="lab_us-gaap_LoansAndLeasesReceivableNetReportedAmountCommercial_65C743528017EF2D4C6670547479B3AD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Aggregate fair value</link:label>
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    <link:label id="lab_us-gaap_NotesReceivableNet_5FF9E0939BEA7C492A40705474797F38_verboseLabel_en-US" xlink:label="lab_us-gaap_NotesReceivableNet_5FF9E0939BEA7C492A40705474797F38" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Recorded investment in loans</link:label>
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    <link:label id="lab_rwt_AvailableForSaleSecuritiesCreditReserve_B12FAD7C752CAAAF97A216A66535D778_documentation_en-US" xlink:label="lab_rwt_AvailableForSaleSecuritiesCreditReserve_E7A16D3E75345C4B8249C1C8C80E86C3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Balance of credit reserve on available-for-sale securities.</link:label>
    <link:loc xlink:href="rwt-20160331.xsd#rwt_AvailableForSaleSecuritiesCreditReserve" xlink:label="loc_rwt_AvailableForSaleSecuritiesCreditReserve_E7A16D3E75345C4B8249C1C8C80E86C3" xlink:type="locator" />
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    <link:label id="lab_rwt_AvailableForSaleSecuritiesUnamortizedDiscountsPremiums_95C563308B9A3E4BA6B816A665359A32_negatedLabel_en-US" xlink:label="lab_rwt_AvailableForSaleSecuritiesUnamortizedDiscountsPremiums_EED455CB1CE158D18C9B56EF3DB24310" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Unamortized discount, net</link:label>
    <link:label id="lab_rwt_AvailableForSaleSecuritiesUnamortizedDiscountsPremiums_95C563308B9A3E4BA6B816A665359A32_label_en-US" xlink:label="lab_rwt_AvailableForSaleSecuritiesUnamortizedDiscountsPremiums_EED455CB1CE158D18C9B56EF3DB24310" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Available For Sale Securities Unamortized Discounts Premiums</link:label>
    <link:label id="lab_rwt_AvailableForSaleSecuritiesUnamortizedDiscountsPremiums_95C563308B9A3E4BA6B816A665359A32_documentation_en-US" xlink:label="lab_rwt_AvailableForSaleSecuritiesUnamortizedDiscountsPremiums_EED455CB1CE158D18C9B56EF3DB24310" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Balance of net unamortized discount on available-for-sale securities.</link:label>
    <link:loc xlink:href="rwt-20160331.xsd#rwt_AvailableForSaleSecuritiesUnamortizedDiscountsPremiums" xlink:label="loc_rwt_AvailableForSaleSecuritiesUnamortizedDiscountsPremiums_EED455CB1CE158D18C9B56EF3DB24310" xlink:type="locator" />
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    <link:label id="lab_us-gaap_AvailableForSaleSecuritiesAmortizedCost_57728B1A57E715F64C9616A66535D045_totalLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesAmortizedCost_72B8C03363675183A568C03772BB2955" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Amortized cost</link:label>
    <link:label id="lab_us-gaap_AvailableForSaleSecuritiesAmortizedCost_57728B1A57E715F64C9616A66535D045_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesAmortizedCost_72B8C03363675183A568C03772BB2955" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Available-for-sale Securities, Amortized Cost Basis</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AvailableForSaleSecuritiesAmortizedCost" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesAmortizedCost_72B8C03363675183A568C03772BB2955" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesAmortizedCost_72B8C03363675183A568C03772BB2955" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesAmortizedCost_72B8C03363675183A568C03772BB2955" xlink:type="arc" />
    <link:label id="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax_071A4B9FD2AA52B52D5A16A66535D8C9_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax_A7537D7D3101595D8B8B02CCEBC94051" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gross unrealized gains</link:label>
    <link:label id="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax_071A4B9FD2AA52B52D5A16A66535D8C9_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax_A7537D7D3101595D8B8B02CCEBC94051" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:label="loc_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax_A7537D7D3101595D8B8B02CCEBC94051" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax_A7537D7D3101595D8B8B02CCEBC94051" xlink:to="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax_A7537D7D3101595D8B8B02CCEBC94051" xlink:type="arc" />
    <link:label id="lab_us-gaap_AvailableForSaleSecurities_DF29896D74B7BE96233D16A665357234_positiveLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecurities_4017B303FF46509492BBB2B98F4A00CB" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:type="resource" xml:lang="en-US">Carrying Value</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AvailableForSaleSecurities" xlink:label="loc_us-gaap_AvailableForSaleSecurities_4017B303FF46509492BBB2B98F4A00CB" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecurities_4017B303FF46509492BBB2B98F4A00CB" xlink:to="lab_us-gaap_AvailableForSaleSecurities_4017B303FF46509492BBB2B98F4A00CB" xlink:type="arc" />
    <link:label id="lab_us-gaap_ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssetsAbstract_36C6A005C2C9C1BF3004845508D7B3D2_terseLabel_en-US" xlink:label="lab_us-gaap_ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssetsAbstract_36C6A005C2C9C1BF3004845508D7B3D2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Servicing income:</link:label>
    <link:label id="lab_us-gaap_ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssetsAbstract_36C6A005C2C9C1BF3004845508D7B3D2_label_en-US" xlink:label="lab_us-gaap_ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssetsAbstract_36C6A005C2C9C1BF3004845508D7B3D2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssetsAbstract" xlink:label="loc_us-gaap_ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssetsAbstract_36C6A005C2C9C1BF3004845508D7B3D2" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssetsAbstract_36C6A005C2C9C1BF3004845508D7B3D2" xlink:to="lab_us-gaap_ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssetsAbstract_36C6A005C2C9C1BF3004845508D7B3D2" xlink:type="arc" />
    <link:label id="lab_us-gaap_ContractuallySpecifiedServicingFeesAmount_6F5028D40E0B1A2BB3B9845508D716CD_terseLabel_en-US" xlink:label="lab_us-gaap_ContractuallySpecifiedServicingFeesAmount_6F5028D40E0B1A2BB3B9845508D716CD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Income</link:label>
    <link:label id="lab_us-gaap_ContractuallySpecifiedServicingFeesAmount_6F5028D40E0B1A2BB3B9845508D716CD_label_en-US" xlink:label="lab_us-gaap_ContractuallySpecifiedServicingFeesAmount_6F5028D40E0B1A2BB3B9845508D716CD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Contractually Specified Servicing Fees, Amount</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ContractuallySpecifiedServicingFeesAmount" xlink:label="loc_us-gaap_ContractuallySpecifiedServicingFeesAmount_6F5028D40E0B1A2BB3B9845508D716CD" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ContractuallySpecifiedServicingFeesAmount_6F5028D40E0B1A2BB3B9845508D716CD" xlink:to="lab_us-gaap_ContractuallySpecifiedServicingFeesAmount_6F5028D40E0B1A2BB3B9845508D716CD" xlink:type="arc" />
    <link:label id="lab_rwt_MortgageServicingExpense_7E1179914356F34A1DB7845508D7AC6B_negatedLabel_en-US" xlink:label="lab_rwt_MortgageServicingExpense_7E1179914356F34A1DB7845508D7AC6B" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Cost of sub-servicer</link:label>
    <link:label id="lab_rwt_MortgageServicingExpense_7E1179914356F34A1DB7845508D7AC6B_label_en-US" xlink:label="lab_rwt_MortgageServicingExpense_7E1179914356F34A1DB7845508D7AC6B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mortgage Servicing Expense</link:label>
    <link:label id="lab_rwt_MortgageServicingExpense_7E1179914356F34A1DB7845508D7AC6B_documentation_en-US" xlink:label="lab_rwt_MortgageServicingExpense_7E1179914356F34A1DB7845508D7AC6B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Mortgage Servicing Expense</link:label>
    <link:loc xlink:href="rwt-20160331.xsd#rwt_MortgageServicingExpense" xlink:label="loc_rwt_MortgageServicingExpense_7E1179914356F34A1DB7845508D7AC6B" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_rwt_MortgageServicingExpense_7E1179914356F34A1DB7845508D7AC6B" xlink:to="lab_rwt_MortgageServicingExpense_7E1179914356F34A1DB7845508D7AC6B" xlink:type="arc" />
    <link:label id="lab_us-gaap_ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets_FDCDE29BB74923510AEC845508D7B9F3_totalLabel_en-US" xlink:label="lab_us-gaap_ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets_FDCDE29BB74923510AEC845508D7B9F3" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net servicing income</link:label>
    <link:label id="lab_us-gaap_ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets_FDCDE29BB74923510AEC845508D7B9F3_label_en-US" xlink:label="lab_us-gaap_ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets_FDCDE29BB74923510AEC845508D7B9F3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets" xlink:label="loc_us-gaap_ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets_FDCDE29BB74923510AEC845508D7B9F3" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets_FDCDE29BB74923510AEC845508D7B9F3" xlink:to="lab_us-gaap_ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets_FDCDE29BB74923510AEC845508D7B9F3" xlink:type="arc" />
    <link:label id="lab_rwt_TotalNetChangeInMarketValueRelatedToMortgageServicingRights_52DEFFECE1911DC27B3E845508D79182_terseLabel_en-US" xlink:label="lab_rwt_TotalNetChangeInMarketValueRelatedToMortgageServicingRights_52DEFFECE1911DC27B3E845508D79182" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Market valuation adjustments</link:label>
    <link:label id="lab_rwt_TotalNetChangeInMarketValueRelatedToMortgageServicingRights_52DEFFECE1911DC27B3E845508D79182_label_en-US" xlink:label="lab_rwt_TotalNetChangeInMarketValueRelatedToMortgageServicingRights_52DEFFECE1911DC27B3E845508D79182" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Total Net Change In Market Value Related to Mortgage Servicing Rights</link:label>
    <link:label id="lab_rwt_TotalNetChangeInMarketValueRelatedToMortgageServicingRights_52DEFFECE1911DC27B3E845508D79182_documentation_en-US" xlink:label="lab_rwt_TotalNetChangeInMarketValueRelatedToMortgageServicingRights_52DEFFECE1911DC27B3E845508D79182" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Total net change in market value related to mortgage servicing rights.</link:label>
    <link:loc xlink:href="rwt-20160331.xsd#rwt_TotalNetChangeInMarketValueRelatedToMortgageServicingRights" xlink:label="loc_rwt_TotalNetChangeInMarketValueRelatedToMortgageServicingRights_52DEFFECE1911DC27B3E845508D79182" xlink:type="locator" />
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    <link:label id="lab_rwt_MarketValuationChangesInAssociatedDerivatives_864CAE3501C35FB1A170845508D7460B_terseLabel_en-US" xlink:label="lab_rwt_MarketValuationChangesInAssociatedDerivatives_864CAE3501C35FB1A170845508D7460B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Market valuation changes in associated derivatives</link:label>
    <link:label id="lab_rwt_MarketValuationChangesInAssociatedDerivatives_864CAE3501C35FB1A170845508D7460B_label_en-US" xlink:label="lab_rwt_MarketValuationChangesInAssociatedDerivatives_864CAE3501C35FB1A170845508D7460B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Market Valuation Changes In Associated Derivatives</link:label>
    <link:label id="lab_rwt_MarketValuationChangesInAssociatedDerivatives_864CAE3501C35FB1A170845508D7460B_documentation_en-US" xlink:label="lab_rwt_MarketValuationChangesInAssociatedDerivatives_864CAE3501C35FB1A170845508D7460B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Market Valuation Changes In Associated Derivatives</link:label>
    <link:loc xlink:href="rwt-20160331.xsd#rwt_MarketValuationChangesInAssociatedDerivatives" xlink:label="loc_rwt_MarketValuationChangesInAssociatedDerivatives_864CAE3501C35FB1A170845508D7460B" xlink:type="locator" />
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    <link:label id="lab_rwt_ProvisionForMortgageServicingRightsRepurchases_D2A6FD6CBBD49F4064E0845508D7E62D_negatedTerseLabel_en-US" xlink:label="lab_rwt_ProvisionForMortgageServicingRightsRepurchases_D2A6FD6CBBD49F4064E0845508D7E62D" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">MSR provision for repurchases</link:label>
    <link:label id="lab_rwt_ProvisionForMortgageServicingRightsRepurchases_D2A6FD6CBBD49F4064E0845508D7E62D_label_en-US" xlink:label="lab_rwt_ProvisionForMortgageServicingRightsRepurchases_D2A6FD6CBBD49F4064E0845508D7E62D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Provision For Mortgage Servicing Rights Repurchases</link:label>
    <link:label id="lab_rwt_ProvisionForMortgageServicingRightsRepurchases_D2A6FD6CBBD49F4064E0845508D7E62D_documentation_en-US" xlink:label="lab_rwt_ProvisionForMortgageServicingRightsRepurchases_D2A6FD6CBBD49F4064E0845508D7E62D" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Provision for mortgage servicing rights repurchases.</link:label>
    <link:loc xlink:href="rwt-20160331.xsd#rwt_ProvisionForMortgageServicingRightsRepurchases" xlink:label="loc_rwt_ProvisionForMortgageServicingRightsRepurchases_D2A6FD6CBBD49F4064E0845508D7E62D" xlink:type="locator" />
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    <link:label id="lab_rwt_MortgageServicingRightsIncomeIncludingMarketValuationChangesOfMSRs_75D883AC9E53421BDC83845508D7C5B8_totalLabel_en-US" xlink:label="lab_rwt_MortgageServicingRightsIncomeIncludingMarketValuationChangesOfMSRs_75D883AC9E53421BDC83845508D7C5B8" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">MSR income (loss)</link:label>
    <link:label id="lab_rwt_MortgageServicingRightsIncomeIncludingMarketValuationChangesOfMSRs_75D883AC9E53421BDC83845508D7C5B8_label_en-US" xlink:label="lab_rwt_MortgageServicingRightsIncomeIncludingMarketValuationChangesOfMSRs_75D883AC9E53421BDC83845508D7C5B8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mortgage Servicing Rights Income Including Market Valuation Changes of MSRs</link:label>
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    <link:label id="lab_rwt_CommercialMortgageBankingActivitiesMember_465C40D5F761DE66BC1B87B4D43091FF_terseLabel_en-US" xlink:label="lab_rwt_CommercialMortgageBankingActivitiesMember_465C40D5F761DE66BC1B87B4D43091FF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Commercial Mortgage Banking Activities</link:label>
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    <link:label id="lab_rwt_ResidentialLoansAtFairValueMember_A32CE6E8301FBE0EFB0A87B4D431A228_verboseLabel_en-US" xlink:label="lab_rwt_ResidentialLoansAtFairValueMember_A32CE6E8301FBE0EFB0A87B4D431A228" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Residential loans, at fair value</link:label>
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    <link:label id="lab_us-gaap_PriceRiskDerivativeMember_983B57A827D722F609EF87B4D431D5FD_terseLabel_en-US" xlink:label="lab_us-gaap_PriceRiskDerivativeMember_983B57A827D722F609EF87B4D431D5FD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Risk managment derivatives</link:label>
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    <link:label id="lab_rwt_CommercialLoansAtFairValueMember_D5C0629AE805D6A0D92D87B4D43157CB_verboseLabel_en-US" xlink:label="lab_rwt_CommercialLoansAtFairValueMember_D5C0629AE805D6A0D92D87B4D43157CB" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Commercial loans, at fair value</link:label>
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    <link:label id="lab_rwt_MortgageBankingActivitiesNet_424FE0818BCA5F2308C487B4D431D846_verboseLabel_en-US" xlink:label="lab_rwt_MortgageBankingActivitiesNet_424FE0818BCA5F2308C487B4D431D846" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Mortgage Banking Activities, Net</link:label>
    <link:label id="lab_rwt_MortgageBankingActivitiesNet_424FE0818BCA5F2308C487B4D431D846_label_en-US" xlink:label="lab_rwt_MortgageBankingActivitiesNet_424FE0818BCA5F2308C487B4D431D846" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mortgage Banking Activities, Net</link:label>
    <link:label id="lab_rwt_MortgageBankingActivitiesNet_424FE0818BCA5F2308C487B4D431D846_documentation_en-US" xlink:label="lab_rwt_MortgageBankingActivitiesNet_424FE0818BCA5F2308C487B4D431D846" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The net income attributable to mortgage banking activities. This includes market valuations related to residential and commercial loans, Sequoia IOs, and mortgage banking derivatives, as well as realized gains or losses associated with mortgage loan sales.</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LoansHeldForSaleFairValueDisclosure" xlink:label="loc_us-gaap_LoansHeldForSaleFairValueDisclosure_DCAD8157D1FAF78162D078C24A30CA97" xlink:type="locator" />
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LoansReceivableFairValueDisclosure" xlink:label="loc_us-gaap_LoansReceivableFairValueDisclosure_D82304758AFAC69999F878C24A30CB6F" xlink:type="locator" />
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    <link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_83DD6146D5E8A3695E2E7D06E305356C_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_83DD6146D5E8A3695E2E7D06E305356C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</link:label>
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    <link:label id="lab_rwt_EmployeeServiceSharebasedCompensationNonvestedAwardsCompensationCostNotyetRecognizedRollForward_E728DBCFAE6BEA4FDCBD7D06E305D23B_documentation_en-US" xlink:label="lab_rwt_EmployeeServiceSharebasedCompensationNonvestedAwardsCompensationCostNotyetRecognizedRollForward_E728DBCFAE6BEA4FDCBD7D06E305D23B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Roll Forward]</link:label>
    <link:loc xlink:href="rwt-20160331.xsd#rwt_EmployeeServiceSharebasedCompensationNonvestedAwardsCompensationCostNotyetRecognizedRollForward" xlink:label="loc_rwt_EmployeeServiceSharebasedCompensationNonvestedAwardsCompensationCostNotyetRecognizedRollForward_E728DBCFAE6BEA4FDCBD7D06E305D23B" xlink:type="locator" />
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    <link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_37894CE351306765B14E7D06E30539E0_periodStartLabel_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_37894CE351306765B14E7D06E30539E0" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Unrecognized compensation cost at beginning of period</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:label="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_37894CE351306765B14E7D06E30539E0" xlink:type="locator" />
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    <link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount_518EB9B495C2CACBC6A57D06E3051A02_terseLabel_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount_518EB9B495C2CACBC6A57D06E3051A02" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity grants</link:label>
    <link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount_518EB9B495C2CACBC6A57D06E3051A02_label_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount_518EB9B495C2CACBC6A57D06E3051A02" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount" xlink:label="loc_us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount_518EB9B495C2CACBC6A57D06E3051A02" xlink:type="locator" />
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    <link:label id="lab_rwt_SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCostForfeitures_BFAA5AA53A47933957D77D06E3055136_negatedLabel_en-US" xlink:label="lab_rwt_SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCostForfeitures_BFAA5AA53A47933957D77D06E3055136" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Equity grant forfeitures</link:label>
    <link:label id="lab_rwt_SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCostForfeitures_BFAA5AA53A47933957D77D06E3055136_label_en-US" xlink:label="lab_rwt_SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCostForfeitures_BFAA5AA53A47933957D77D06E3055136" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost, Forfeitures</link:label>
    <link:label id="lab_rwt_SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCostForfeitures_BFAA5AA53A47933957D77D06E3055136_documentation_en-US" xlink:label="lab_rwt_SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCostForfeitures_BFAA5AA53A47933957D77D06E3055136" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the amount of equity grant forfeitures during the period.</link:label>
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    <link:label id="lab_rwt_AllocatedSharebasedCompensationExpenseIncludingRestructuring_9332E99BAFCD0725398E7D07552DDA32_terseLabel_en-US" xlink:label="lab_rwt_AllocatedSharebasedCompensationExpenseIncludingRestructuring_9332E99BAFCD0725398E7D07552DDA32" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity compensation (expense) income</link:label>
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    <link:label id="lab_rwt_AllocatedSharebasedCompensationExpenseIncludingRestructuring_9332E99BAFCD0725398E7D07552DDA32_documentation_en-US" xlink:label="lab_rwt_AllocatedSharebasedCompensationExpenseIncludingRestructuring_9332E99BAFCD0725398E7D07552DDA32" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Allocated Share-based Compensation Expense, Including Restructuring</link:label>
    <link:loc xlink:href="rwt-20160331.xsd#rwt_AllocatedSharebasedCompensationExpenseIncludingRestructuring" xlink:label="loc_rwt_AllocatedSharebasedCompensationExpenseIncludingRestructuring_9332E99BAFCD0725398E7D07552DDA32" xlink:type="locator" />
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    <link:label id="lab_us-gaap_AllocatedShareBasedCompensationExpense_FD8D7988D2C5A3E439907D06E3051C7B_negatedLabel_en-US" xlink:label="lab_us-gaap_AllocatedShareBasedCompensationExpense_FD8D7988D2C5A3E439907D06E3051C7B" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Equity compensation expense</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AllocatedShareBasedCompensationExpense" xlink:label="loc_us-gaap_AllocatedShareBasedCompensationExpense_FD8D7988D2C5A3E439907D06E3051C7B" xlink:type="locator" />
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    <link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_2207794513D88DDB1B7D7D06E305B1DA_periodEndLabel_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_2207794513D88DDB1B7D7D06E305B1DA" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Unrecognized Compensation Cost at End of Period</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:label="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_2207794513D88DDB1B7D7D06E305B1DA" xlink:type="locator" />
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    <link:label id="lab_rwt_LegacyConsolidatedVariableInterestEntitiesMember_E9FBD9338A80DE1E6CB370547331FAE2_terseLabel_en-US" xlink:label="lab_rwt_LegacyConsolidatedVariableInterestEntitiesMember_E9FBD9338A80DE1E6CB370547331FAE2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Legacy Consolidated VIEs</link:label>
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    <link:label id="lab_rwt_AllOtherMember_CD367CBD4429B0F2AB2A705473316728_terseLabel_en-US" xlink:label="lab_rwt_AllOtherMember_CD367CBD4429B0F2AB2A705473316728" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other</link:label>
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    <link:label id="lab_rwt_AllOtherMember_CD367CBD4429B0F2AB2A705473316728_documentation_en-US" xlink:label="lab_rwt_AllOtherMember_CD367CBD4429B0F2AB2A705473316728" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">All Other [Member]</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InterestExpense" xlink:label="loc_us-gaap_InterestExpense_4AEE485A92A1A5B77A41705473310204" xlink:type="locator" />
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProvisionForLoanLeaseAndOtherLosses" xlink:label="loc_us-gaap_ProvisionForLoanLeaseAndOtherLosses_3368E3A8B5767D30E3CC7054733186D6" xlink:type="locator" />
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    <link:label id="lab_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_7220C9F327B20F046F7B836C60EB91A1_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_7220C9F327B20F046F7B836C60EB91A1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Maturities of Long-term Debt</link:label>
    <link:label id="lab_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_7220C9F327B20F046F7B836C60EB91A1_label_en-US" xlink:label="lab_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_7220C9F327B20F046F7B836C60EB91A1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Maturities of Long-term Debt [Table Text Block]</link:label>
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    <link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear_1B7011362C066940C344705473BBD3B0_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear_1B7011362C066940C344705473BBD3B0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2016 (9 months)</link:label>
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    <link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears_FA7B7F4C3E00B8B8626C705473BB95DE_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears_FA7B7F4C3E00B8B8626C705473BB95DE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2017</link:label>
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    <link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears_C9C6E2D87842D6D7A8B7705473BB7CFA_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears_C9C6E2D87842D6D7A8B7705473BB7CFA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2018</link:label>
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    <link:label id="lab_rwt_OperatingLeasesNumberOfLeasesNoncancelable_2678A4CCA7D92639C0248453464EDA5F_terseLabel_en-US" xlink:label="lab_rwt_OperatingLeasesNumberOfLeasesNoncancelable_2678A4CCA7D92639C0248453464EDA5F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of noncancelable leases</link:label>
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    <link:label id="lab_rwt_LeaseExpirationYear_3ABC3C9500C92CF270338453464E8F52_terseLabel_en-US" xlink:label="lab_rwt_LeaseExpirationYear_3ABC3C9500C92CF270338453464E8F52" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Operating lease expiration dates</link:label>
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    <link:label id="lab_rwt_LeaseExpirationYear_3ABC3C9500C92CF270338453464E8F52_documentation_en-US" xlink:label="lab_rwt_LeaseExpirationYear_3ABC3C9500C92CF270338453464E8F52" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The date upon which a lease or a group of leases is set to expire.</link:label>
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    <link:label id="lab_rwt_PotentialFuturePayments_3750F177995EC72AABCF84534650620E_label_en-US" xlink:label="lab_rwt_PotentialFuturePayments_3750F177995EC72AABCF84534650620E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Potential Future Payments</link:label>
    <link:label id="lab_rwt_PotentialFuturePayments_3750F177995EC72AABCF84534650620E_documentation_en-US" xlink:label="lab_rwt_PotentialFuturePayments_3750F177995EC72AABCF84534650620E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Potential Future Payments</link:label>
    <link:loc xlink:href="rwt-20160331.xsd#rwt_PotentialFuturePayments" xlink:label="loc_rwt_PotentialFuturePayments_3750F177995EC72AABCF84534650620E" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_rwt_PotentialFuturePayments_3750F177995EC72AABCF84534650620E" xlink:to="lab_rwt_PotentialFuturePayments_3750F177995EC72AABCF84534650620E" xlink:type="arc" />
    <link:label id="lab_rwt_FeeIncomeRiskSharingAgreement_2ECA06D0D755B48BF4138453465054AE_terseLabel_en-US" xlink:label="lab_rwt_FeeIncomeRiskSharingAgreement_2ECA06D0D755B48BF4138453465054AE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other income related to risk sharing agreement</link:label>
    <link:label id="lab_rwt_FeeIncomeRiskSharingAgreement_2ECA06D0D755B48BF4138453465054AE_label_en-US" xlink:label="lab_rwt_FeeIncomeRiskSharingAgreement_2ECA06D0D755B48BF4138453465054AE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fee Income, Risk Sharing Agreement</link:label>
    <link:label id="lab_rwt_FeeIncomeRiskSharingAgreement_2ECA06D0D755B48BF4138453465054AE_documentation_en-US" xlink:label="lab_rwt_FeeIncomeRiskSharingAgreement_2ECA06D0D755B48BF4138453465054AE" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fee Income, Risk Sharing Agreement</link:label>
    <link:loc xlink:href="rwt-20160331.xsd#rwt_FeeIncomeRiskSharingAgreement" xlink:label="loc_rwt_FeeIncomeRiskSharingAgreement_2ECA06D0D755B48BF4138453465054AE" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_rwt_FeeIncomeRiskSharingAgreement_2ECA06D0D755B48BF4138453465054AE" xlink:to="lab_rwt_FeeIncomeRiskSharingAgreement_2ECA06D0D755B48BF4138453465054AE" xlink:type="arc" />
    <link:label id="lab_rwt_SpecialPurposeEntitiesAssets_8EFB865D0533AC230A4784534650EE98_terseLabel_en-US" xlink:label="lab_rwt_SpecialPurposeEntitiesAssets_8EFB865D0533AC230A4784534650EE98" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Special Purpose Entities (SPEs) assets</link:label>
    <link:label id="lab_rwt_SpecialPurposeEntitiesAssets_8EFB865D0533AC230A4784534650EE98_label_en-US" xlink:label="lab_rwt_SpecialPurposeEntitiesAssets_8EFB865D0533AC230A4784534650EE98" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Special Purpose Entities, Assets</link:label>
    <link:label id="lab_rwt_SpecialPurposeEntitiesAssets_8EFB865D0533AC230A4784534650EE98_documentation_en-US" xlink:label="lab_rwt_SpecialPurposeEntitiesAssets_8EFB865D0533AC230A4784534650EE98" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Special Purpose Entities, Assets</link:label>
    <link:loc xlink:href="rwt-20160331.xsd#rwt_SpecialPurposeEntitiesAssets" xlink:label="loc_rwt_SpecialPurposeEntitiesAssets_8EFB865D0533AC230A4784534650EE98" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_rwt_SpecialPurposeEntitiesAssets_8EFB865D0533AC230A4784534650EE98" xlink:to="lab_rwt_SpecialPurposeEntitiesAssets_8EFB865D0533AC230A4784534650EE98" xlink:type="arc" />
    <link:label id="lab_rwt_SpecialPurposeEntitiesLiabilities_2C826321A5BFBD2A88DA8453465036A2_terseLabel_en-US" xlink:label="lab_rwt_SpecialPurposeEntitiesLiabilities_2C826321A5BFBD2A88DA8453465036A2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Special Purpose Entities (SPEs) liabilities</link:label>
    <link:label id="lab_rwt_SpecialPurposeEntitiesLiabilities_2C826321A5BFBD2A88DA8453465036A2_label_en-US" xlink:label="lab_rwt_SpecialPurposeEntitiesLiabilities_2C826321A5BFBD2A88DA8453465036A2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Special Purpose Entities, Liabilities</link:label>
    <link:label id="lab_rwt_SpecialPurposeEntitiesLiabilities_2C826321A5BFBD2A88DA8453465036A2_documentation_en-US" xlink:label="lab_rwt_SpecialPurposeEntitiesLiabilities_2C826321A5BFBD2A88DA8453465036A2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Special Purpose Entities, Liabilities</link:label>
    <link:loc xlink:href="rwt-20160331.xsd#rwt_SpecialPurposeEntitiesLiabilities" xlink:label="loc_rwt_SpecialPurposeEntitiesLiabilities_2C826321A5BFBD2A88DA8453465036A2" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_rwt_SpecialPurposeEntitiesLiabilities_2C826321A5BFBD2A88DA8453465036A2" xlink:to="lab_rwt_SpecialPurposeEntitiesLiabilities_2C826321A5BFBD2A88DA8453465036A2" xlink:type="arc" />
    <link:label id="lab_rwt_MortgageLoanOnRealEstateRepurchaseReserve_520E3A0863F00E37203B84534650FDA2_terseLabel_en-US" xlink:label="lab_rwt_MortgageLoanOnRealEstateRepurchaseReserve_520E3A0863F00E37203B84534650FDA2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Residential repurchase reserve</link:label>
    <link:label id="lab_rwt_MortgageLoanOnRealEstateRepurchaseReserve_520E3A0863F00E37203B84534650FDA2_label_en-US" xlink:label="lab_rwt_MortgageLoanOnRealEstateRepurchaseReserve_520E3A0863F00E37203B84534650FDA2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mortgage Loan On Real Estate, Repurchase Reserve</link:label>
    <link:label id="lab_rwt_MortgageLoanOnRealEstateRepurchaseReserve_520E3A0863F00E37203B84534650FDA2_documentation_en-US" xlink:label="lab_rwt_MortgageLoanOnRealEstateRepurchaseReserve_520E3A0863F00E37203B84534650FDA2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Mortgage Loan On Real Estate, Repurchase Reserve</link:label>
    <link:loc xlink:href="rwt-20160331.xsd#rwt_MortgageLoanOnRealEstateRepurchaseReserve" xlink:label="loc_rwt_MortgageLoanOnRealEstateRepurchaseReserve_520E3A0863F00E37203B84534650FDA2" xlink:type="locator" />
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    <link:label id="lab_rwt_MortgageLoansOnRealEstateRepurchaseRequests_6CF9B9A5337E21CEF5A4845346507291_terseLabel_en-US" xlink:label="lab_rwt_MortgageLoansOnRealEstateRepurchaseRequests_6CF9B9A5337E21CEF5A4845346507291" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Residential repurchase requests</link:label>
    <link:label id="lab_rwt_MortgageLoansOnRealEstateRepurchaseRequests_6CF9B9A5337E21CEF5A4845346507291_label_en-US" xlink:label="lab_rwt_MortgageLoansOnRealEstateRepurchaseRequests_6CF9B9A5337E21CEF5A4845346507291" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mortgage Loans On Real Estate, Repurchase Requests</link:label>
    <link:label id="lab_rwt_MortgageLoansOnRealEstateRepurchaseRequests_6CF9B9A5337E21CEF5A4845346507291_documentation_en-US" xlink:label="lab_rwt_MortgageLoansOnRealEstateRepurchaseRequests_6CF9B9A5337E21CEF5A4845346507291" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Mortgage Loans On Real Estate, Repurchase Requests</link:label>
    <link:loc xlink:href="rwt-20160331.xsd#rwt_MortgageLoansOnRealEstateRepurchaseRequests" xlink:label="loc_rwt_MortgageLoansOnRealEstateRepurchaseRequests_6CF9B9A5337E21CEF5A4845346507291" xlink:type="locator" />
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    <link:label id="lab_rwt_MortgageLoansOnRealEstateRepurchaseProvision_F112795E732E94646E2884534655B875_terseLabel_en-US" xlink:label="lab_rwt_MortgageLoansOnRealEstateRepurchaseProvision_F112795E732E94646E2884534655B875" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Residential repurchase provisions recorded</link:label>
    <link:label id="lab_rwt_MortgageLoansOnRealEstateRepurchaseProvision_F112795E732E94646E2884534655B875_label_en-US" xlink:label="lab_rwt_MortgageLoansOnRealEstateRepurchaseProvision_F112795E732E94646E2884534655B875" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mortgage Loans On Real Estate, Repurchase Provision</link:label>
    <link:label id="lab_rwt_MortgageLoansOnRealEstateRepurchaseProvision_F112795E732E94646E2884534655B875_documentation_en-US" xlink:label="lab_rwt_MortgageLoansOnRealEstateRepurchaseProvision_F112795E732E94646E2884534655B875" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Mortgage Loans On Real Estate, Repurchase Provision</link:label>
    <link:loc xlink:href="rwt-20160331.xsd#rwt_MortgageLoansOnRealEstateRepurchaseProvision" xlink:label="loc_rwt_MortgageLoansOnRealEstateRepurchaseProvision_F112795E732E94646E2884534655B875" xlink:type="locator" />
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    <link:label id="lab_rwt_PercentageInterestPlaintiff_76E7844E41A783EAB2FB845346569BAD_terseLabel_en-US" xlink:label="lab_rwt_PercentageInterestPlaintiff_76E7844E41A783EAB2FB845346569BAD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Statutory interest rate per annum</link:label>
    <link:label id="lab_rwt_PercentageInterestPlaintiff_76E7844E41A783EAB2FB845346569BAD_label_en-US" xlink:label="lab_rwt_PercentageInterestPlaintiff_76E7844E41A783EAB2FB845346569BAD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage Interest Plaintiff</link:label>
    <link:label id="lab_rwt_PercentageInterestPlaintiff_76E7844E41A783EAB2FB845346569BAD_documentation_en-US" xlink:label="lab_rwt_PercentageInterestPlaintiff_76E7844E41A783EAB2FB845346569BAD" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The percentage at which the plaintiff would like to collect interest on their initial investment.</link:label>
    <link:loc xlink:href="rwt-20160331.xsd#rwt_PercentageInterestPlaintiff" xlink:label="loc_rwt_PercentageInterestPlaintiff_76E7844E41A783EAB2FB845346569BAD" xlink:type="locator" />
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    <link:label id="lab_us-gaap_RepaymentsOfBankDebt_1C72711ABC428E7C7BEE84534656C758_terseLabel_en-US" xlink:label="lab_us-gaap_RepaymentsOfBankDebt_1C72711ABC428E7C7BEE84534656C758" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt instrument principal payment amount</link:label>
    <link:label id="lab_us-gaap_RepaymentsOfBankDebt_1C72711ABC428E7C7BEE84534656C758_label_en-US" xlink:label="lab_us-gaap_RepaymentsOfBankDebt_1C72711ABC428E7C7BEE84534656C758" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Repayments of Bank Debt</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RepaymentsOfBankDebt" xlink:label="loc_us-gaap_RepaymentsOfBankDebt_1C72711ABC428E7C7BEE84534656C758" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RepaymentsOfBankDebt_1C72711ABC428E7C7BEE84534656C758" xlink:to="lab_us-gaap_RepaymentsOfBankDebt_1C72711ABC428E7C7BEE84534656C758" xlink:type="arc" />
    <link:label id="lab_rwt_DebtInstrumentUnpaidInterestPaidByCash_165CD926A86B44FB220D84534656E0FF_terseLabel_en-US" xlink:label="lab_rwt_DebtInstrumentUnpaidInterestPaidByCash_165CD926A86B44FB220D84534656E0FF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt instrument interest payment amount</link:label>
    <link:label id="lab_rwt_DebtInstrumentUnpaidInterestPaidByCash_165CD926A86B44FB220D84534656E0FF_label_en-US" xlink:label="lab_rwt_DebtInstrumentUnpaidInterestPaidByCash_165CD926A86B44FB220D84534656E0FF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument Unpaid Interest Paid By Cash</link:label>
    <link:label id="lab_rwt_DebtInstrumentUnpaidInterestPaidByCash_165CD926A86B44FB220D84534656E0FF_documentation_en-US" xlink:label="lab_rwt_DebtInstrumentUnpaidInterestPaidByCash_165CD926A86B44FB220D84534656E0FF" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Debt Instrument Unpaid Interest Paid By Cash</link:label>
    <link:loc xlink:href="rwt-20160331.xsd#rwt_DebtInstrumentUnpaidInterestPaidByCash" xlink:label="loc_rwt_DebtInstrumentUnpaidInterestPaidByCash_165CD926A86B44FB220D84534656E0FF" xlink:type="locator" />
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    <link:label id="lab_us-gaap_LossContingencyNumberOfDefendants_6D3B0727C6C131F13240845346568A76_terseLabel_en-US" xlink:label="lab_us-gaap_LossContingencyNumberOfDefendants_6D3B0727C6C131F13240845346568A76" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of other named defendants along with SRF</link:label>
    <link:label id="lab_us-gaap_LossContingencyNumberOfDefendants_6D3B0727C6C131F13240845346568A76_label_en-US" xlink:label="lab_us-gaap_LossContingencyNumberOfDefendants_6D3B0727C6C131F13240845346568A76" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loss Contingency, Number of Defendants</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LossContingencyNumberOfDefendants" xlink:label="loc_us-gaap_LossContingencyNumberOfDefendants_6D3B0727C6C131F13240845346568A76" xlink:type="locator" />
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    <link:label id="lab_rwt_DebtInstrumentAggregatePrincipalAmount_13429D5B57EA772A9E4A8453465601B3_terseLabel_en-US" xlink:label="lab_rwt_DebtInstrumentAggregatePrincipalAmount_13429D5B57EA772A9E4A8453465601B3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Principal balance of securities</link:label>
    <link:label id="lab_rwt_DebtInstrumentAggregatePrincipalAmount_13429D5B57EA772A9E4A8453465601B3_label_en-US" xlink:label="lab_rwt_DebtInstrumentAggregatePrincipalAmount_13429D5B57EA772A9E4A8453465601B3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument Aggregate Principal Amount</link:label>
    <link:label id="lab_rwt_DebtInstrumentAggregatePrincipalAmount_13429D5B57EA772A9E4A8453465601B3_documentation_en-US" xlink:label="lab_rwt_DebtInstrumentAggregatePrincipalAmount_13429D5B57EA772A9E4A8453465601B3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Debt Instrument Aggregate Principal Amount</link:label>
    <link:loc xlink:href="rwt-20160331.xsd#rwt_DebtInstrumentAggregatePrincipalAmount" xlink:label="loc_rwt_DebtInstrumentAggregatePrincipalAmount_13429D5B57EA772A9E4A8453465601B3" xlink:type="locator" />
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    <link:label id="lab_rwt_DebtInstrumentAccruedInterest_3AC3C242494E900850F7845346560A19_terseLabel_en-US" xlink:label="lab_rwt_DebtInstrumentAccruedInterest_3AC3C242494E900850F7845346560A19" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt instrument interest amount</link:label>
    <link:label id="lab_rwt_DebtInstrumentAccruedInterest_3AC3C242494E900850F7845346560A19_label_en-US" xlink:label="lab_rwt_DebtInstrumentAccruedInterest_3AC3C242494E900850F7845346560A19" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument Accrued Interest</link:label>
    <link:label id="lab_rwt_DebtInstrumentAccruedInterest_3AC3C242494E900850F7845346560A19_documentation_en-US" xlink:label="lab_rwt_DebtInstrumentAccruedInterest_3AC3C242494E900850F7845346560A19" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Debt Instrument Accrued Interest</link:label>
    <link:loc xlink:href="rwt-20160331.xsd#rwt_DebtInstrumentAccruedInterest" xlink:label="loc_rwt_DebtInstrumentAccruedInterest_3AC3C242494E900850F7845346560A19" xlink:type="locator" />
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    <link:label id="lab_rwt_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfAdverseChangeInPrepaymentSpeedAbstract_A8D4CAF5D7188500CD5676E41EA8A416_documentation_en-US" xlink:label="lab_rwt_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfAdverseChangeInPrepaymentSpeedAbstract_A8D4CAF5D7188500CD5676E41EA8A416" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Sensitivity Analysis Of Fair Value Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities Impact Of Adverse Change In Prepayment Speed [Abstract]</link:label>
    <link:loc xlink:href="rwt-20160331.xsd#rwt_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfAdverseChangeInPrepaymentSpeedAbstract" xlink:label="loc_rwt_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfAdverseChangeInPrepaymentSpeedAbstract_A8D4CAF5D7188500CD5676E41EA8A416" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_rwt_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfAdverseChangeInPrepaymentSpeedAbstract_A8D4CAF5D7188500CD5676E41EA8A416" xlink:to="lab_rwt_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfAdverseChangeInPrepaymentSpeedAbstract_A8D4CAF5D7188500CD5676E41EA8A416" xlink:type="arc" />
    <link:label id="lab_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOf10PercentAdverseChangeInPrepaymentSpeed_28A3D126BFB75F9FEF0076E41EA83870_terseLabel_en-US" xlink:label="lab_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOf10PercentAdverseChangeInPrepaymentSpeed_28A3D126BFB75F9FEF0076E41EA83870" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">10% adverse change</link:label>
    <link:label id="lab_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOf10PercentAdverseChangeInPrepaymentSpeed_28A3D126BFB75F9FEF0076E41EA83870_label_en-US" xlink:label="lab_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOf10PercentAdverseChangeInPrepaymentSpeed_28A3D126BFB75F9FEF0076E41EA83870" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 10 Percent Adverse Change in Prepayment Speed</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOf10PercentAdverseChangeInPrepaymentSpeed" xlink:label="loc_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOf10PercentAdverseChangeInPrepaymentSpeed_28A3D126BFB75F9FEF0076E41EA83870" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOf10PercentAdverseChangeInPrepaymentSpeed_28A3D126BFB75F9FEF0076E41EA83870" xlink:to="lab_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOf10PercentAdverseChangeInPrepaymentSpeed_28A3D126BFB75F9FEF0076E41EA83870" xlink:type="arc" />
    <link:label id="lab_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfOtherThan10Or20PercentAdverseChangeInPrepaymentSpeed_430D590C6257EE368CC076E41EA84C53_terseLabel_en-US" xlink:label="lab_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfOtherThan10Or20PercentAdverseChangeInPrepaymentSpeed_430D590C6257EE368CC076E41EA84C53" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">25% adverse change</link:label>
    <link:label id="lab_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfOtherThan10Or20PercentAdverseChangeInPrepaymentSpeed_430D590C6257EE368CC076E41EA84C53_label_en-US" xlink:label="lab_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfOtherThan10Or20PercentAdverseChangeInPrepaymentSpeed_430D590C6257EE368CC076E41EA84C53" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of Other than 10 or 20 Percent Adverse Change in Prepayment Speed</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfOtherThan10Or20PercentAdverseChangeInPrepaymentSpeed" xlink:label="loc_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfOtherThan10Or20PercentAdverseChangeInPrepaymentSpeed_430D590C6257EE368CC076E41EA84C53" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfOtherThan10Or20PercentAdverseChangeInPrepaymentSpeed_430D590C6257EE368CC076E41EA84C53" xlink:to="lab_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfOtherThan10Or20PercentAdverseChangeInPrepaymentSpeed_430D590C6257EE368CC076E41EA84C53" xlink:type="arc" />
    <link:label id="lab_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfOtherThan10Or20PercentAdverseChangeInDiscountRatePercent_BE3D927A092DCC251A4C76E41EA8EC74_terseLabel_en-US" xlink:label="lab_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfOtherThan10Or20PercentAdverseChangeInDiscountRatePercent_BE3D927A092DCC251A4C76E41EA8EC74" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Discount rate assumption</link:label>
    <link:label id="lab_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfOtherThan10Or20PercentAdverseChangeInDiscountRatePercent_BE3D927A092DCC251A4C76E41EA8EC74_label_en-US" xlink:label="lab_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfOtherThan10Or20PercentAdverseChangeInDiscountRatePercent_BE3D927A092DCC251A4C76E41EA8EC74" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of Other than 10 or 20 Percent Adverse Change in Discount Rate, Percent</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfOtherThan10Or20PercentAdverseChangeInDiscountRatePercent" xlink:label="loc_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfOtherThan10Or20PercentAdverseChangeInDiscountRatePercent_BE3D927A092DCC251A4C76E41EA8EC74" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfOtherThan10Or20PercentAdverseChangeInDiscountRatePercent_BE3D927A092DCC251A4C76E41EA8EC74" xlink:to="lab_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfOtherThan10Or20PercentAdverseChangeInDiscountRatePercent_BE3D927A092DCC251A4C76E41EA8EC74" xlink:type="arc" />
    <link:label id="lab_rwt_SensitivityAnalysisOfFairValueInterestsThatContinueToBeHeldByTransferorServicingAssetsOrLiabilitiesAbstract_BE67106D0A73F16C9A9376E41EA948BF_terseLabel_en-US" xlink:label="lab_rwt_SensitivityAnalysisOfFairValueInterestsThatContinueToBeHeldByTransferorServicingAssetsOrLiabilitiesAbstract_BE67106D0A73F16C9A9376E41EA948BF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Decrease in fair value from:</link:label>
    <link:label id="lab_rwt_SensitivityAnalysisOfFairValueInterestsThatContinueToBeHeldByTransferorServicingAssetsOrLiabilitiesAbstract_BE67106D0A73F16C9A9376E41EA948BF_label_en-US" xlink:label="lab_rwt_SensitivityAnalysisOfFairValueInterestsThatContinueToBeHeldByTransferorServicingAssetsOrLiabilitiesAbstract_BE67106D0A73F16C9A9376E41EA948BF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sensitivity Analysis of Fair Value of Interests that Continue to be Held by Transferor, Servicing Assets or Liabilities [Abstract]</link:label>
    <link:label id="lab_rwt_SensitivityAnalysisOfFairValueInterestsThatContinueToBeHeldByTransferorServicingAssetsOrLiabilitiesAbstract_BE67106D0A73F16C9A9376E41EA948BF_documentation_en-US" xlink:label="lab_rwt_SensitivityAnalysisOfFairValueInterestsThatContinueToBeHeldByTransferorServicingAssetsOrLiabilitiesAbstract_BE67106D0A73F16C9A9376E41EA948BF" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Sensitivity Analysis of Fair Value of Interests that Continue to be Held by Transferor, Servicing Assets or Liabilities [Abstract]</link:label>
    <link:loc xlink:href="rwt-20160331.xsd#rwt_SensitivityAnalysisOfFairValueInterestsThatContinueToBeHeldByTransferorServicingAssetsOrLiabilitiesAbstract" xlink:label="loc_rwt_SensitivityAnalysisOfFairValueInterestsThatContinueToBeHeldByTransferorServicingAssetsOrLiabilitiesAbstract_BE67106D0A73F16C9A9376E41EA948BF" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_rwt_SensitivityAnalysisOfFairValueInterestsThatContinueToBeHeldByTransferorServicingAssetsOrLiabilitiesAbstract_BE67106D0A73F16C9A9376E41EA948BF" xlink:to="lab_rwt_SensitivityAnalysisOfFairValueInterestsThatContinueToBeHeldByTransferorServicingAssetsOrLiabilitiesAbstract_BE67106D0A73F16C9A9376E41EA948BF" xlink:type="arc" />
    <link:label id="lab_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfOtherThan10Or20PercentAdverseChangeInDiscountRate_468F4EAD5F3C4556394F76E41EA987CD_terseLabel_en-US" xlink:label="lab_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfOtherThan10Or20PercentAdverseChangeInDiscountRate_468F4EAD5F3C4556394F76E41EA987CD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">100 basis point increase</link:label>
    <link:label id="lab_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfOtherThan10Or20PercentAdverseChangeInDiscountRate_468F4EAD5F3C4556394F76E41EA987CD_label_en-US" xlink:label="lab_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfOtherThan10Or20PercentAdverseChangeInDiscountRate_468F4EAD5F3C4556394F76E41EA987CD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of Other than 10 or 20 Percent Adverse Change in Discount Rate</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfOtherThan10Or20PercentAdverseChangeInDiscountRate" xlink:label="loc_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfOtherThan10Or20PercentAdverseChangeInDiscountRate_468F4EAD5F3C4556394F76E41EA987CD" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfOtherThan10Or20PercentAdverseChangeInDiscountRate_468F4EAD5F3C4556394F76E41EA987CD" xlink:to="lab_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfOtherThan10Or20PercentAdverseChangeInDiscountRate_468F4EAD5F3C4556394F76E41EA987CD" xlink:type="arc" />
    <link:label id="lab_rwt_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfTwoHundredBasisPointAdverseChangeInDiscountRate_38F5E46145C45D87BD7C76E41EA9D24E_terseLabel_en-US" xlink:label="lab_rwt_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfTwoHundredBasisPointAdverseChangeInDiscountRate_38F5E46145C45D87BD7C76E41EA9D24E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">200 basis point increase</link:label>
    <link:label id="lab_rwt_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfTwoHundredBasisPointAdverseChangeInDiscountRate_38F5E46145C45D87BD7C76E41EA9D24E_label_en-US" xlink:label="lab_rwt_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfTwoHundredBasisPointAdverseChangeInDiscountRate_38F5E46145C45D87BD7C76E41EA9D24E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sensitivity Analysis of Fair Value of Interests Continued to Be Held by Transferor Servicing Assets or Liabilities Impact of Two Hundred Basis Point Adverse Change in Discount Rate</link:label>
    <link:label id="lab_rwt_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfTwoHundredBasisPointAdverseChangeInDiscountRate_38F5E46145C45D87BD7C76E41EA9D24E_documentation_en-US" xlink:label="lab_rwt_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfTwoHundredBasisPointAdverseChangeInDiscountRate_38F5E46145C45D87BD7C76E41EA9D24E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The hypothetical financial impact of a 200 basis point adverse change of the discount rate on the fair value of transferor's interests in transferred financial assets (including any servicing assets or servicing liabilities) as of the balance sheet date.</link:label>
    <link:loc xlink:href="rwt-20160331.xsd#rwt_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfTwoHundredBasisPointAdverseChangeInDiscountRate" xlink:label="loc_rwt_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfTwoHundredBasisPointAdverseChangeInDiscountRate_38F5E46145C45D87BD7C76E41EA9D24E" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_rwt_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfTwoHundredBasisPointAdverseChangeInDiscountRate_38F5E46145C45D87BD7C76E41EA9D24E" xlink:to="lab_rwt_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfTwoHundredBasisPointAdverseChangeInDiscountRate_38F5E46145C45D87BD7C76E41EA9D24E" xlink:type="arc" />
    <link:label id="lab_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOtherThan10Or20PercentAdverseChangeInExpectedCreditLossPercent_F37B9548D07C9307D1BA76E41EA98D41_terseLabel_en-US" xlink:label="lab_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOtherThan10Or20PercentAdverseChangeInExpectedCreditLossPercent_F37B9548D07C9307D1BA76E41EA98D41" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Credit loss assumption</link:label>
    <link:label id="lab_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOtherThan10Or20PercentAdverseChangeInExpectedCreditLossPercent_F37B9548D07C9307D1BA76E41EA98D41_label_en-US" xlink:label="lab_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOtherThan10Or20PercentAdverseChangeInExpectedCreditLossPercent_F37B9548D07C9307D1BA76E41EA98D41" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact Other than 10 or 20 Percent Adverse Change in Expected Credit Loss, Percent</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOtherThan10Or20PercentAdverseChangeInExpectedCreditLossPercent" xlink:label="loc_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOtherThan10Or20PercentAdverseChangeInExpectedCreditLossPercent_F37B9548D07C9307D1BA76E41EA98D41" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOtherThan10Or20PercentAdverseChangeInExpectedCreditLossPercent_F37B9548D07C9307D1BA76E41EA98D41" xlink:to="lab_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOtherThan10Or20PercentAdverseChangeInExpectedCreditLossPercent_F37B9548D07C9307D1BA76E41EA98D41" xlink:type="arc" />
    <link:label id="lab_rwt_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfAdverseChangeInExpectedCreditLossesAbstract_FE1CD691B66B752FD33A76E41EA9F443_terseLabel_en-US" xlink:label="lab_rwt_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfAdverseChangeInExpectedCreditLossesAbstract_FE1CD691B66B752FD33A76E41EA9F443" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Decrease in fair value from:</link:label>
    <link:label id="lab_rwt_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfAdverseChangeInExpectedCreditLossesAbstract_FE1CD691B66B752FD33A76E41EA9F443_label_en-US" xlink:label="lab_rwt_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfAdverseChangeInExpectedCreditLossesAbstract_FE1CD691B66B752FD33A76E41EA9F443" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sensitivity Analysis Of Fair Value Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities Impact Of Adverse Change In Expected Credit Losses [Abstract]</link:label>
    <link:label id="lab_rwt_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfAdverseChangeInExpectedCreditLossesAbstract_FE1CD691B66B752FD33A76E41EA9F443_documentation_en-US" xlink:label="lab_rwt_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfAdverseChangeInExpectedCreditLossesAbstract_FE1CD691B66B752FD33A76E41EA9F443" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Sensitivity Analysis Of Fair Value Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities Impact Of Adverse Change In Expected Credit Losses [Abstract]</link:label>
    <link:loc xlink:href="rwt-20160331.xsd#rwt_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfAdverseChangeInExpectedCreditLossesAbstract" xlink:label="loc_rwt_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOfAdverseChangeInExpectedCreditLossesAbstract_FE1CD691B66B752FD33A76E41EA9F443" xlink:type="locator" />
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    <link:label id="lab_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOf10PercentAdverseChangeInExpectedCreditLosses_82FC3B80CBBC8F80A98976E41EA97147_terseLabel_en-US" xlink:label="lab_us-gaap_SensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrLiabilitiesImpactOf10PercentAdverseChangeInExpectedCreditLosses_82FC3B80CBBC8F80A98976E41EA97147" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">10% higher losses</link:label>
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    <link:label id="lab_rwt_PaymentsForProceedsFromDerivativeInstrumentOperatingActivities_7594AC86340078329B817CECAB7871AF_terseLabel_en-US" xlink:label="lab_rwt_PaymentsForProceedsFromDerivativeInstrumentOperatingActivities_7594AC86340078329B817CECAB7871AF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net settlements of derivatives</link:label>
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    <link:label id="lab_us-gaap_ProvisionForLoanLeaseAndOtherLosses_F4BB3F2F5247F85809057CECAB78E70C_terseLabel_en-US" xlink:label="lab_us-gaap_ProvisionForLoanLeaseAndOtherLosses_F4BB3F2F5247F85809057CECAB78E70C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Provision for loan losses</link:label>
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    <link:label id="lab_us-gaap_PaymentsToAcquireMortgageServicingRightsMSR_97FCB52005A9C12692707CECAB79CF7D_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireMortgageServicingRightsMSR_97FCB52005A9C12692707CECAB79CF7D" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Purchase of mortgage servicing rights</link:label>
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