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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