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Fair Value of Financial Instruments - Portion of Net Gains (Losses) Attributable to Level 3 Assets and Liabilities Still Held Included in Net Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019
Loan purchase and interest rate lock commitments |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Net gains (losses) attributable to level 3 liabilities still held included in net income | $ 2,137 | $ (756) | $ (1,634) | $ (772)
Held-for-investment at fair value | Residential loans at Redwood |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Net gains (losses) attributable to level 3 assets still held included in net income | (359) | 48,575 | (746) | 80,615
Held-for-investment at fair value | Sequoia Choice |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Net gains (losses) attributable to level 3 assets still held included in net income | 39,558 | 2,487 | (30,502) | 5,191
Held-for-investment at fair value | Freddie Mac SLST |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Net gains (losses) attributable to level 3 assets still held included in net income | 26,867 | 8,037 | (115,295) | 14,402
Business purpose residential loans |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Net gains (losses) attributable to level 3 assets still held included in net income | 31,187 | 3,038 | (21,026) | 4,032
Multifamily loans | Freddie Mac K-Series |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Net gains (losses) attributable to level 3 assets still held included in net income | 1,599 | 3,246 | (13,180) | 6,365
Single family rental loans | CAFL |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Net gains (losses) attributable to level 3 assets still held included in net income | 17,125 | 0 | (50,721) | 0
Trading securities |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Net gains (losses) attributable to level 3 assets still held included in net income | 30,647 | 17,771 | (79,633) | 38,658
Servicer advance investments |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Net gains (losses) attributable to level 3 assets still held included in net income | (136) | 432 | (6,198) | 1,440
MSRs |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Net gains (losses) attributable to level 3 assets still held included in net income | (1,591) | (7,334) | (16,507) | (11,518)
Excess MSRs |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Net gains (losses) attributable to level 3 assets still held included in net income | 2,971 | (66) | (6,523) | (502)
Shared home appreciation options |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Net gains (losses) attributable to level 3 assets still held included in net income | 884 | 0 | (6,670) | 0
Loan purchase and interest rate lock commitments |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Net gains (losses) attributable to level 3 assets still held included in net income | 357 | 5,534 | 357 | 5,567
Other assets - Guarantee asset |  |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |  |
Net gains (losses) attributable to level 3 assets still held included in net income | $ (135) | $ (277) | $ (916) | $ (196)

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