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Residential Loans - Summary of Classifications and Carrying Value of Residential Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018
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Residential loans, held-for-sale, at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loan market valuation adjustment | [1] | $ 536,385 | $ 1,048,801
Legacy Sequoia | Residential loans, held-for-investment |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loan market valuation adjustment |  | 408,000 | 520,000
Sequoia Choice | Residential loans, held-for-investment |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loan market valuation adjustment |  | 2,290,000 | 2,080,000
Freddie Mac SLST | Residential loans, held-for-investment |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loan market valuation adjustment |  | 2,370,000 | 1,220,000
Residential Loans |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loan market valuation adjustment |  | 7,714,850 | 7,254,742
Residential Loans | Residential loans, held-for-sale, at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loan market valuation adjustment |  | 536,385 | 1,048,801
Residential Loans | Residential loans, held-for-investment | Jumbo Loans |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loan market valuation adjustment |  | 7,178,465 | 6,205,941
Residential Loans | Legacy Sequoia |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loan market valuation adjustment |  | 407,890 | 519,958
Residential Loans | Legacy Sequoia | Residential loans, held-for-sale, at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loan market valuation adjustment |  | 0 | 0
Residential Loans | Legacy Sequoia | Residential loans, held-for-investment | Jumbo Loans |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loan market valuation adjustment |  | 407,890 | 519,958
Residential Loans | Sequoia Choice |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loan market valuation adjustment |  | 2,291,463 | 2,079,382
Residential Loans | Sequoia Choice | Residential loans, held-for-sale, at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loan market valuation adjustment |  | 0 | 0
Residential Loans | Sequoia Choice | Residential loans, held-for-investment | Jumbo Loans |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loan market valuation adjustment |  | 2,291,463 | 2,079,382
Residential Loans | Freddie Mac SLST |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loan market valuation adjustment |  | 2,367,215 | 1,222,669
Residential Loans | Freddie Mac SLST | Residential loans, held-for-sale, at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loan market valuation adjustment |  | 0 | 0
Residential Loans | Freddie Mac SLST | Residential loans, held-for-investment | Jumbo Loans |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loan market valuation adjustment |  | 2,367,215 | 1,222,669
Redwood | Residential loans, held-for-investment |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loan market valuation adjustment |  | 2,110,000 | 2,380,000
Redwood | Residential Loans |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loan market valuation adjustment |  | 2,648,282 | 3,432,733
Redwood | Residential Loans | Residential loans, held-for-sale, at fair value |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loan market valuation adjustment |  | 536,385 | 1,048,801
Redwood | Residential Loans | Residential loans, held-for-investment | Jumbo Loans |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |
Loan market valuation adjustment |  | $ 2,111,897 | $ 2,383,932
[1] | Our consolidated balance sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations of these VIEs and liabilities of consolidated VIEs for which creditors do not have recourse to Redwood Trust, Inc. or its affiliates. At December 31, 2019 and December 31, 2018, assets of consolidated VIEs totaled $11,931,869 and $6,331,191, respectively. At December 31, 2019 and December 31, 2018, liabilities of consolidated VIEs totaled $10,717,072 and $5,709,807, respectively. See Note 4 for further discussion.

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