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Principles of Consolidation - Summary of Unconsolidated Variable Interest Entity's Sponsored by Redwood (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019
--- | --- | ---
On-balance sheet assets, at fair value: |  |
Available-for-sale securities | $ 207,173 | $ 239,334
Servicing asset, fair value | 242,059 | 151,582
Mortgage servicing rights |  |
On-balance sheet assets, at fair value: |  |
Servicing asset, fair value | 14,878 | 42,224
Variable Interest Entity, Not Primary Beneficiary |  |
On-balance sheet assets, at fair value: |  |
Maximum loss exposure | 158,250 | 269,328
Assets transferred: |  |
Principal balance of loans outstanding | 8,571,916 | 10,299,442
Principal balance of loans 30+ days delinquent | 200,910 | 41,809
Variable Interest Entity, Not Primary Beneficiary | Interest-only, senior and subordinate securities, classified as trading |  |
On-balance sheet assets, at fair value: |  |
Interest-only, senior and subordinate securities, classified as trading | 19,878 | 88,425
Variable Interest Entity, Not Primary Beneficiary | Subordinate securities, classified as AFS |  |
On-balance sheet assets, at fair value: |  |
Available-for-sale securities | 124,132 | 140,649
Variable Interest Entity, Not Primary Beneficiary | Mortgage servicing rights |  |
On-balance sheet assets, at fair value: |  |
Servicing asset, fair value | $ 14,240 | $ 40,254

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