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Fair Value of Financial Instruments - Market Valuation Adjustments, Net (Details) - USD ($) $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
MSR income, net | $ 3,521 | $ 7,076 | $ 7,860
Gain on re-measurement of 5 Arches investment | 2,441 | 0 |
Total Market Valuation Gains, Net | 97,006 | 24,069 | 51,484
Mortgage Banking Activities, Net |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Changes in fair value of assets | 69,326 | 57,000 | 51,844
Mortgage Banking Activities, Net | Residential Loans |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Changes in fair value of assets | 3,267 | 23,144 | 31,493
Mortgage Banking Activities, Net | Residential loan purchase and forward sale commitments |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Changes in fair value of assets | 60,260 | (1,336) | 37,880
Mortgage Banking Activities, Net | Single-family rental loans held-for-sale, at fair value |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Changes in fair value of assets | 15,043 | 375 | 0
Mortgage Banking Activities, Net | Single-family rental loan purchase and interest rate lock commitments |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Changes in fair value of assets | 1,961 | 78 | 0
Mortgage Banking Activities, Net | Residential bridge loans |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Changes in fair value of assets | 4,518 | 0 | 0
Mortgage Banking Activities, Net | Risk management derivatives, net |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Changes in fair value of assets | (15,723) | 34,739 | (17,529)
Investment Fair Value Changes, Net |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Changes in fair value of assets | 35,500 | (25,689) | 10,374
Investment Fair Value Changes, Net | Risk management derivatives, net |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Changes in fair value of assets | (127,169) | 9,740 | (12,842)
Investment Fair Value Changes, Net | Residential loans held-for-investment at Redwood |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Changes in fair value of assets | 58,891 | (29,573) | (5,765)
Investment Fair Value Changes, Net | Single-family rental loans held-for-investment |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Changes in fair value of assets | 272 | 0 | 0
Investment Fair Value Changes, Net | Residential bridge loans held-for-investment |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Changes in fair value of assets | (2,139) | (29) | 0
Investment Fair Value Changes, Net | Trading securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Changes in fair value of assets | 56,046 | (8,055) | 39,526
Investment Fair Value Changes, Net | Commercial loans held-for-sale |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Changes in fair value of assets | 0 | 0 | 300
Investment Fair Value Changes, Net | Servicer advance investments |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Changes in fair value of assets | 3,001 | (701) | 0
Investment Fair Value Changes, Net | Excess MSRs |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Changes in fair value of assets | (3,260) | 1,823 | 0
Investment Fair Value Changes, Net | Shared home appreciation options |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Changes in fair value of assets | 842 | 0 | 0
Investment Fair Value Changes, Net | REO |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Changes in fair value of assets | (1,045) | 0 | 0
Investment Fair Value Changes, Net | Net investments in Legacy Sequoia entities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Changes in fair value of assets | (1,545) | (1,016) | (8,027)
Investment Fair Value Changes, Net | Net investments in Sequoia Choice entities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Changes in fair value of assets | 6,947 | 443 | (323)
Investment Fair Value Changes, Net | Net investments in Freddie Mac SLST entities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Changes in fair value of assets | 27,206 | 1,271 | 0
Investment Fair Value Changes, Net | Net investments in Freddie Mac K-Series entities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Changes in fair value of assets | 21,430 | 931 | 0
Investment Fair Value Changes, Net | Net investments in CAFL entities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Changes in fair value of assets | (3,636) | 0 | 0
Investment Fair Value Changes, Net | Risk-sharing and other investments |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Changes in fair value of assets | (341) | (434) | (1,484)
Investment Fair Value Changes, Net | Impairments on AFS securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Changes in fair value of assets | 0 | (89) | (1,011)
Other Income |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
MSR income, net | (7,820) | (7,242) | (10,734)
Gain on re-measurement of 5 Arches investment | 2,441 | 0 | 0
Other Income | Risk management derivatives, net |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
MSR income, net | 8,595 | (4,734) | (568)
Other Income | MSRs |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
MSR income, net | $ (18,856) | $ (2,508) | $ (10,166)

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