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Residential Loans - Additional Information (Details) |  |  | 3 Months Ended | 6 Months Ended | 12 Months Ended
--- | --- | --- | --- | --- | ---
Jun. 30, 2020 USD ($) loan | Dec. 31, 2019 USD ($) loan | Jun. 30, 2020 USD ($) loan | Jun. 30, 2019 USD ($) | Jun. 30, 2020 USD ($) loan | Jun. 30, 2019 USD ($) | Dec. 31, 2019 USD ($) loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |  |
Transfers from loans held-for-sale to loans held-for-investment |  |  |  |  | $ 706,775,000 | $ 518,521,000 |
Held-for-sale residential loans |  |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |  |
Loans, at fair value | $ 4,534,331,000 | $ 7,714,850,000 | $ 4,534,331,000 |  | 4,534,331,000 |  | $ 7,714,850,000
Held-for-sale residential loans | Sequoia Choice |  |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |  |
Loans, at fair value | 2,064,388,000 | 2,291,463,000 | 2,064,388,000 |  | 2,064,388,000 |  | 2,291,463,000
Held-for-sale residential loans | Freddie Mac SLST |  |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |  |
Loans, at fair value | 2,145,111,000 | 2,367,215,000 | 2,145,111,000 |  | 2,145,111,000 |  | 2,367,215,000
Held-for-sale residential loans | Legacy Sequoia |  |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |  |
Loans, at fair value | 304,632,000 | 407,890,000 | 304,632,000 |  | 304,632,000 |  | 407,890,000
Redwood | Held-for-sale residential loans |  |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |  |
Loans, at fair value | $ 20,200,000 | $ 2,648,282,000 | 20,200,000 |  | 20,200,000 |  | 2,648,282,000
Residential Loans |  |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |  |
Number of loans | loan | 29 | 669 |  |  |  |  |
Loan principal | $ 21,000,000 | $ 525,000,000 | 21,000,000 |  | 21,000,000 |  | 525,000,000
Loans, at fair value | 20,000,000 | $ 536,000,000 | 20,000,000 |  | 20,000,000 |  | $ 536,000,000
Balance of loans 90 days or more delinquent | $ 1,000,000 |  | $ 1,000,000 |  | $ 1,000,000 |  |
Number of loans in foreclosure | loan | 1 | 0 | 1 |  | 1 |  | 0
Fair value of loans, in foreclosure | $ 400,000 |  | $ 400,000 |  | $ 400,000 |  |
Principal value of loans purchased |  |  | 58,000,000 | $ 1,530,000,000 | 2,690,000,000 | 2,490,000,000 |
Principal balance of loans sold during period |  |  | 2,280,000,000 | 1,230,000,000 | 4,940,000,000 | 2,390,000,000 |
Gain (loss) on assets measured at fair value on a non-recurring basis |  |  |  | 3,000,000 | (15,000,000) | 7,000,000 |
Loan pledged as collateral | $ 15,000,000 |  | $ 15,000,000 |  | $ 15,000,000 |  |
Residential Loans | Financing Receivables, Equal to Greater than 90 Days Past Due |  |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |  |
Number of loans past due | loan | 3 | 1 | 3 |  | 3 |  | 1
Aggregate unpaid principal balance | $ 2,000,000 |  | $ 2,000,000 |  | $ 2,000,000 |  |
Balance of loans 90 days or more delinquent | $ 3,000,000 | $ 1,000,000 | 3,000,000 |  | 3,000,000 |  | $ 1,000,000
Held-for-investment at fair value | Legacy Sequoia |  |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |  |
Net market valuation gain (loss) |  |  | 8,000,000 | 1,000,000 | (61,000,000) | 5,000,000 |
Held-for-investment at fair value | Sequoia Choice |  |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |  |
Transfers from loans held-for-sale to loans held-for-investment |  |  | 271,000,000 | 0 | 271,000,000 | 350,000,000 |
Held-for-investment at fair value | Sequoia Choice |  |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |  |
Number of loans | loan | 2,861 | 3,156 |  |  |  |  |
Loan principal | $ 2,030,000,000.00 | $ 2,240,000,000 | 2,030,000,000.00 |  | 2,030,000,000.00 |  | 2,240,000,000
Loans, at fair value | $ 2,060,000,000.00 | $ 2,290,000,000 | $ 2,060,000,000.00 |  | $ 2,060,000,000.00 |  | $ 2,290,000,000
Number of loans in foreclosure | loan | 5 | 3 | 5 |  | 5 |  | 3
Fair value of loans, in foreclosure | $ 3,000,000 | $ 2,000,000 | $ 3,000,000 |  | $ 3,000,000 |  | $ 2,000,000
Weighted average original FICO score | 743 |  | 743 |  | 743 |  |
Weighted average original loan-to-value (LTV) | 74.00% |  | 74.00% |  | 74.00% |  |
Net market valuation gain (loss) |  |  | $ 94,000,000 |  | $ (17,000,000) |  |
Held-for-investment at fair value | Freddie Mac SLST |  |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |  |
Number of loans | loan |  |  |  |  | 14,143 |  | 14,502
Loan principal | $ 2,350,000,000 | 2,430,000,000 | 2,350,000,000 |  | $ 2,350,000,000 |  | $ 2,430,000,000
Loans, at fair value | $ 2,150,000,000 | $ 2,370,000,000 | $ 2,150,000,000 |  | $ 2,150,000,000 |  | $ 2,370,000,000
Number of loans in foreclosure | loan | 236 | 208 | 236 |  | 236 |  | 208
Fair value of loans, in foreclosure | $ 38,000,000 | $ 33,000,000 | $ 38,000,000 |  | $ 38,000,000 |  | $ 33,000,000
Weighted average original FICO score | 600 |  | 600 |  | 600 |  |
Weighted average original loan-to-value (LTV) | 73.00% |  | 73.00% |  | 73.00% |  |
Net market valuation gain (loss) |  |  | $ 49,000,000 | 31,000,000 | $ (144,000,000) | 55,000,000 |
Held-for-investment at fair value | Legacy Sequoia |  |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |  |
Number of loans | loan | 2,063 | 2,198 |  |  |  |  |
Loan principal | $ 382,000,000 | $ 425,000,000 | 382,000,000 |  | 382,000,000 |  | 425,000,000
Loans, at fair value | 305,000,000 | 408,000,000 | 305,000,000 |  | 305,000,000 |  | 408,000,000
Aggregate unpaid principal balance | 12,000,000 | 10,000,000 | 12,000,000 |  | 12,000,000 |  | 10,000,000
Fair value of loans, in foreclosure | $ 3,000,000 | 4,000,000 | $ 3,000,000 |  | $ 3,000,000 |  | 4,000,000
Weighted average original FICO score | 727 |  | 727 |  | 727 |  |
Weighted average original loan-to-value (LTV) | 65.00% |  | 65.00% |  | 65.00% |  |
Held-for-investment at fair value | Held-for-sale residential loans |  |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |  |
Loans, at fair value | $ 4,514,131,000 | 7,178,465,000 | $ 4,514,131,000 |  | $ 4,514,131,000 |  | 7,178,465,000
Held-for-investment at fair value | Held-for-sale residential loans | Sequoia Choice |  |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |  |
Loans, at fair value | 2,064,388,000 | 2,291,463,000 | 2,064,388,000 |  | 2,064,388,000 |  | 2,291,463,000
Held-for-investment at fair value | Held-for-sale residential loans | Freddie Mac SLST |  |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |  |
Loans, at fair value | 2,145,111,000 | 2,367,215,000 | 2,145,111,000 |  | 2,145,111,000 |  | 2,367,215,000
Held-for-investment at fair value | Held-for-sale residential loans | Legacy Sequoia |  |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |  |
Loans, at fair value | $ 304,632,000 | $ 407,890,000 | 304,632,000 |  | 304,632,000 |  | 407,890,000
Held-for-investment at fair value | Redwood |  |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |  |
Number of loans | loan | 0 | 2,940 |  |  |  |  |
Loan principal |  | $ 2,050,000,000.00 |  |  |  |  | 2,050,000,000.00
Loans, at fair value | $ 0 | $ 2,110,000,000 | 0 |  | 0 |  | $ 2,110,000,000
Number of loans in foreclosure | loan |  | 0 |  |  |  |  | 0
Principal value of loans purchased |  |  |  | 0 |  | 39,000,000 |
Principal balance of loans sold during period |  |  |  | 0 |  | 0 |
Gain (loss) on assets measured at fair value on a non-recurring basis |  |  | 0 | 36,000,000 | (94,000,000) | 64,000,000 |
Transfers from loans held-for-sale to loans held-for-investment |  |  | 0 | 30,000,000 | 13,000,000 | 69,000,000 |
Transfers from loans held-for-investment to loans held-for-sale |  |  | $ 0 | $ 0 | $ 1,870,000,000 | $ 23,000,000 |
Held-for-investment at fair value | Redwood | Held-for-sale residential loans |  |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |  |
Loans, at fair value |  | $ 2,111,897,000 |  |  |  |  | $ 2,111,897,000
Held-for-investment at fair value | Financing Receivables, Equal to Greater than 90 Days Past Due | Sequoia Choice |  |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |  |
Number of loans past due | loan | 22 | 9 | 22 |  | 22 |  | 9
Aggregate unpaid principal balance | $ 16,000,000 | $ 7,000,000 | $ 16,000,000 |  | $ 16,000,000 |  | $ 7,000,000
Held-for-investment at fair value | Financing Receivables, Equal to Greater than 90 Days Past Due | Freddie Mac SLST |  |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |  |
Number of loans past due | loan | 1,409 | 587 | 1,409 |  | 1,409 |  | 587
Aggregate unpaid principal balance | $ 258,000,000 | $ 135,000,000 | $ 258,000,000 |  | $ 258,000,000 |  | $ 135,000,000
Held-for-investment at fair value | Financing Receivables, Equal to Greater than 90 Days Past Due | Redwood |  |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |  |
Loan principal |  | $ 1,000,000 |  |  |  |  | $ 1,000,000
Number of loans past due | loan |  | 2 |  |  |  |  | 2
Aggregate unpaid principal balance |  | $ 2,000,000 |  |  |  |  | $ 2,000,000
MSRs |  |  |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |  |  |
Mortgage servicing rights, at amortized cost | $ 20,000,000 |  | $ 20,000,000 |  | $ 20,000,000 |  |

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- Definition Carrying amount as of the balance sheet date of loans that have been pledged as collateral for borrowings. If the secured party has the right by contract or custom to sell or re-pledge the collateral, then the debtor reclassifies that asset and report that asset in its statement of financial position separately from other assets not so encumbered. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66007379&loc=d3e113888-111728 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121611835&loc=d3e5086-111524 + Details
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