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Principles of Consolidation - Key Assumptions and Sensitivity Analysis for Assets Retained from Unconsolidated Variable Interest Entity's Sponsored by Redwood (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2018 | Dec. 31, 2017
MSRs |  |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] |  |
Fair value | $ 63,176 | $ 60,980
Expected life (in years) | 9 years | 8 years
Prepayment speed assumption (annual CPR) | 7.00% | 9.00%
Decrease in fair value from: |  |
10% adverse change | $ 1,742 | $ 2,022
25% adverse change | $ 4,221 | $ 4,839
Discount rate assumption | 11.00% | 11.00%
Decrease in fair value from: |  |
100 basis point increase | $ 2,571 | $ 2,386
200 basis point increase | $ 4,972 | 4,597
Decrease in fair value from: |  |
Impact of adverse change in prepayment speed | 25.00% |
Impact of increase in discount rate assumption | 1.00% |
Impact of adverse change in expected credit losses | 25.00% |
Senior IO Securities |  |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] |  |
Fair value | $ 59,628 | $ 33,773
Expected life (in years) | 7 years | 6 years
Prepayment speed assumption (annual CPR) | 10.00% | 10.00%
Decrease in fair value from: |  |
10% adverse change | $ 2,142 | $ 1,371
25% adverse change | $ 5,100 | $ 3,289
Discount rate assumption | 11.00% | 11.00%
Decrease in fair value from: |  |
100 basis point increase | $ 2,204 | $ 1,158
200 basis point increase | $ 4,249 | $ 2,265
Credit loss assumption | 0.20% | 0.25%
Decrease in fair value from: |  |
10% higher losses | $ 0 | $ 0
25% higher losses | $ 0 | 0
Impact of adverse change in prepayment speed | 25.00% |
Impact of increase in discount rate assumption | 1.00% |
Impact of adverse change in expected credit losses | 25.00% |
Subordinate Securities |  |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] |  |
Fair value | $ 232,731 | $ 286,908
Expected life (in years) | 15 years | 13 years
Prepayment speed assumption (annual CPR) | 10.00% | 11.00%
Decrease in fair value from: |  |
10% adverse change | $ 603 | $ 611
25% adverse change | $ 1,487 | $ 1,506
Discount rate assumption | 6.00% | 5.00%
Decrease in fair value from: |  |
100 basis point increase | $ 22,194 | $ 25,827
200 basis point increase | $ 41,045 | $ 47,885
Credit loss assumption | 0.20% | 0.25%
Decrease in fair value from: |  |
10% higher losses | $ 1,384 | $ 1,551
25% higher losses | $ 3,444 | $ 3,873
Impact of adverse change in prepayment speed | 25.00% |
Impact of increase in discount rate assumption | 1.00% |
Impact of adverse change in expected credit losses | 25.00% |

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- Definition Weighted average life of securitized assets regardless of when the transfer occurred, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 20 -Section 50 -Paragraph 4 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=109247956&loc=d3e107314-111719 + Details
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- Definition The carrying amount (fair value) as of the balance sheet date of the transferor's interests in transferred financial assets (typically securitized receivables, generally not involved in the collection of principal) following transfer of significant portions of such financial instruments to other parties. Such interests could be ancillary cash flows and interest-only strips. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 20 -Section 50 -Paragraph 4 -Subparagraph (a)(3) -URI http://asc.fasb.org/extlink&oid=109247956&loc=d3e107314-111719 + Details
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