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Residential Loans - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended
--- | --- | --- | ---
Jun. 30, 2017 USD ($) loan | Jun. 30, 2016 USD ($) | Jun. 30, 2017 USD ($) loan | Jun. 30, 2016 USD ($) | Dec. 31, 2016 USD ($) loan
Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Loan market valuation adjustment | $ 3,905,291 |  | $ 3,905,291 |  | $ 3,888,051
Transfers from loans held-for-sale to loans held-for-investment |  |  | 247,377 | $ 725,825 |
Transfers from loans held-for-investment to loans held-for-sale |  |  | $ 459 | 359,005 |
Fixed-rate loans |  |  |  |  |
Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Weighted average coupon rate (as a percent) | 4.13% |  | 4.13% |  |
Redwood |  |  |  |  |
Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Loan market valuation adjustment | $ 3,197,605 |  | $ 3,197,605 |  | 3,096,415
Sequoia |  |  |  |  |
Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Loan market valuation adjustment | 707,686 |  | 707,686 |  | 791,636
Residential loans |  |  |  |  |
Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Loan pledged as collateral | 645,000 |  | 645,000 |  | $ 534,000
Held-for-sale residential loans | FHLB Chicago |  |  |  |  |
Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Loans pledged as collateral under borrowing agreement with FHLBC | 2,350,000 |  | $ 2,350,000 |  |
Residential Loans |  |  |  |  |
Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Number of loans (in loans) | loan |  |  | 1,062 |  | 1,114
Loan Principal | 820,000 |  | $ 820,000 |  | $ 830,000
Loan market valuation adjustment | 840,000 |  | 840,000 |  | 830,000
Principal value of loans purchased | 1,200,000 | $ 1,320,000 | 2,290,000 | 2,510,000 |
Principal balance of loans sold during period | 670,000 | 810,000 | 2,040,000 | 2,050,000 |
Gain (loss) on assets measured at fair value on a non-recurring basis | (6,000) | 6,000 | (14,000) | 11,000 |
Loans held-for-investment, in foreclosure | 500 |  | 500 |  |
Residential Loans | Jumbo Loans |  |  |  |  |
Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Loan market valuation adjustment | 836,291 |  | 836,291 |  | 834,193
Residential Loans | Jumbo Loans | Redwood | Held-for-sale residential loans |  |  |  |  |
Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Loan market valuation adjustment | 836,291 |  | 836,291 |  | 834,193
Residential Loans | Jumbo Loans | Sequoia | Held-for-sale residential loans |  |  |  |  |
Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Loan market valuation adjustment | $ 0 |  | $ 0 |  | $ 0
Residential Loans | Financing Receivables, Equal to Greater than 90 Days Past Due |  |  |  |  |
Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Number of loans past due (in loans) | loan | 0 |  | 0 |  | 0
Residential loans, at lower of cost or fair value |  |  |  |  |
Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Number of loans (in loans) | loan |  |  | 6 |  | 7
Loan Principal | $ 1,000 |  | $ 1,000 |  | $ 2,000
Loan market valuation adjustment | $ 1,080 |  | $ 1,080 |  | 1,206
Loans held-for-investment, delinquent greater than 90 days |  |  |  |  | $ 300
Number of loans in foreclosure (in loans) | loan | 0 |  | 0 |  | 0
Residential loans, at lower of cost or fair value | Redwood | Held-for-sale residential loans |  |  |  |  |
Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Loan market valuation adjustment | $ 1,080 |  | $ 1,080 |  | $ 1,206
Residential loans, at lower of cost or fair value | Sequoia | Held-for-sale residential loans |  |  |  |  |
Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Loan market valuation adjustment | $ 0 |  | $ 0 |  | $ 0
Residential loans, at lower of cost or fair value | Financing Receivables, Equal to Greater than 90 Days Past Due |  |  |  |  |
Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Number of loans past due (in loans) | loan | 1 |  | 1 |  | 1
Loans held-for-investment, delinquent greater than 90 days | $ 300 |  | $ 300 |  |
Residential Loans Held For Investment at Fair Value |  |  |  |  |
Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Number of loans (in loans) | loan |  |  | 3,188 |  | 3,068
Loan Principal | 2,320,000 |  | $ 2,320,000 |  | $ 2,230,000
Loan market valuation adjustment |  |  |  |  | $ 2,260,000
Gain (loss) on assets measured at fair value on a non-recurring basis | $ 8,000 | (1,000) | $ 6,000 | 23,000 |
Number of loans in foreclosure (in loans) | loan | 0 |  | 0 |  | 0
Transfers from loans held-for-sale to loans held-for-investment | $ 62,000 | 65,000 | $ 247,000 | 725,000 |
Transfers from loans held-for-investment to loans held-for-sale | $ 500 | 2,000 | $ 500 | 56,000 |
Weighted average original Fair Isaac Corporation (FICO) score | 771 |  | 771 |  |
Weighted average original loan-to-value (LTV) (as a percent) | 66.00% |  | 66.00% |  |
Percentage of fixed-rate loans (as a percent) | 97.00% |  | 97.00% |  |
Residential Loans Held For Investment at Fair Value | Originated Between 2013 and 2017 |  |  |  |  |
Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Percentage of loan portfolio originated in year (as a percent) | 95.00% |  | 95.00% |  |
Residential Loans Held For Investment at Fair Value | Originated 2012 and prior years |  |  |  |  |
Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Percentage of loan portfolio originated in year (as a percent) | 5.00% |  | 5.00% |  |
Residential Loans Held For Investment at Fair Value | Hybrid loans |  |  |  |  |
Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Weighted average coupon rate (as a percent) | 4.04% |  | 4.04% |  |
Residential Loans Held For Investment at Fair Value | Sequoia |  |  |  |  |
Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Number of loans (in loans) | loan |  |  | 3,453 |  | 3,735
Loan Principal | $ 781,000 |  | $ 781,000 |  | $ 887,000
Loan market valuation adjustment | 708,000 |  | 708,000 |  | 792,000
Loans held-for-investment, delinquent greater than 90 days | $ 15,000 |  | $ 15,000 |  | 19,000
Weighted average original Fair Isaac Corporation (FICO) score | 727 |  | 727 |  |
Weighted average original loan-to-value (LTV) (as a percent) | 66.00% |  | 66.00% |  |
Loans held-for-investment, in foreclosure | $ 12,000 |  | $ 12,000 |  | 11,000
Valuation adjustment gain (loss) | 11,000 | $ 8,000 | 19,000 | $ (28,000) |
Residential Loans Held For Investment at Fair Value | Jumbo Loans |  |  |  |  |
Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Loan market valuation adjustment | 3,067,920 |  | 3,067,920 |  | 3,052,652
Residential Loans Held For Investment at Fair Value | Jumbo Loans | Redwood | Held-for-sale residential loans |  |  |  |  |
Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Loan market valuation adjustment | 2,360,234 |  | 2,360,234 |  | 2,261,016
Residential Loans Held For Investment at Fair Value | Jumbo Loans | Sequoia | Held-for-sale residential loans |  |  |  |  |
Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Loan market valuation adjustment | $ 707,686 |  | $ 707,686 |  | 791,636
Residential Loans Held For Investment at Fair Value | Financing Receivables, Equal to Greater than 90 Days Past Due |  |  |  |  |
Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Loan Principal |  |  |  |  | $ 200
Number of loans past due (in loans) | loan | 0 |  | 0 |  | 1
MSRs |  |  |  |  |
Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Mortgage servicing rights, at amortized cost | $ 2,360,000 |  | $ 2,360,000 |  |

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