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Investment Fair Value Changes - Components of Investment Activities (Details) - Investment Fair Value Changes, Net - USD ($) $ in Thousands | 12 Months Ended
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Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017
Investment Holdings [Line Items] |  |  |
Investment Fair Value Changes, Net | $ 35,500 | $ (25,689) | $ 10,374
Residential loans held-for-investment, at Redwood |  |  |
Investment Holdings [Line Items] |  |  |
Investment Fair Value Changes, Net | 58,891 | (29,573) | (5,765)
Single-family rental loans held-for-investment |  |  |
Investment Holdings [Line Items] |  |  |
Investment Fair Value Changes, Net | 272 | 0 | 0
Residential bridge loans held-for-investment |  |  |
Investment Holdings [Line Items] |  |  |
Investment Fair Value Changes, Net | (2,139) | (29) | 0
Trading securities |  |  |
Investment Holdings [Line Items] |  |  |
Investment Fair Value Changes, Net | 56,046 | (8,055) | 39,526
Servicer advance investments |  |  |
Investment Holdings [Line Items] |  |  |
Investment Fair Value Changes, Net | 3,001 | (701) | 0
Excess MSRs |  |  |
Investment Holdings [Line Items] |  |  |
Investment Fair Value Changes, Net | (3,260) | 1,823 | 0
Shared home appreciation options |  |  |
Investment Holdings [Line Items] |  |  |
Investment Fair Value Changes, Net | 842 | 0 | 0
REO |  |  |
Investment Holdings [Line Items] |  |  |
Investment Fair Value Changes, Net | (1,045) | 0 | 0
Net investments in Legacy Sequoia entities |  |  |
Investment Holdings [Line Items] |  |  |
Investment Fair Value Changes, Net | (1,545) | (1,016) | (8,027)
Net investments in Sequoia Choice entities |  |  |
Investment Holdings [Line Items] |  |  |
Investment Fair Value Changes, Net | 6,947 | 443 | (323)
Freddie Mac SLST |  |  |
Investment Holdings [Line Items] |  |  |
Investment Fair Value Changes, Net | 27,206 | 1,271 | 0
Freddie Mac K-Series |  |  |
Investment Holdings [Line Items] |  |  |
Investment Fair Value Changes, Net | 21,430 | 931 | 0
CAFL |  |  |
Investment Holdings [Line Items] |  |  |
Investment Fair Value Changes, Net | (3,636) | 0 | 0
Risk-sharing and other investments |  |  |
Investment Holdings [Line Items] |  |  |
Investment Fair Value Changes, Net | (341) | (434) | (1,484)
Risk management derivatives, net |  |  |
Investment Holdings [Line Items] |  |  |
Investment Fair Value Changes, Net | (127,169) | 9,740 | (12,842)
Valuation adjustments on commercial loans held-for-sale |  |  |
Investment Holdings [Line Items] |  |  |
Investment Fair Value Changes, Net | 0 | 0 | 300
Impairments on AFS securities |  |  |
Investment Holdings [Line Items] |  |  |
Investment Fair Value Changes, Net | $ 0 | $ (89) | $ (1,011)

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