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Principles of Consolidation - Key Assumptions and Sensitivity Analysis for Assets Retained from Unconsolidated Variable Interest Entity's Sponsored by Redwood (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Thousands |  |  | 12 Months Ended
--- | --- | --- | ---
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019
MSRs |  |  |  |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] |  |  |  |
Fair value | $ 8,413 | $ 40,254 | $ 8,413 | $ 40,254
Expected life (in years) | 2 years | 6 years |  |
Prepayment speed assumption (annual CPR) | 37.00% | 11.00% |  |
Decrease in fair value from: |  |  |  |
10% adverse change | $ 906 | $ 1,643 | 906 | 1,643
25% adverse change | $ 2,058 | $ 3,913 | 2,058 | 3,913
Discount rate assumption | 12.00% | 11.00% |  |
Decrease in fair value from: |  |  |  |
100 basis point increase | $ 196 | $ 1,447 | 196 | 1,447
200 basis point increase | 380 | 2,795 | $ 380 | $ 2,795
MSRs | Minimum |  |  |  |
Decrease in fair value from: |  |  |  |
Impact of adverse change in prepayment speed |  |  | 10.00% | 10.00%
Decrease in fair value from: |  |  |  |
Impact of increase in discount rate assumption |  |  | 1.00% | 1.00%
Decrease in fair value from: |  |  |  |
Impact of adverse change in expected credit losses |  |  | 10.00% | 10.00%
MSRs | Maximum |  |  |  |
Decrease in fair value from: |  |  |  |
Impact of adverse change in prepayment speed |  |  | 25.00% | 25.00%
Decrease in fair value from: |  |  |  |
Impact of increase in discount rate assumption |  |  | 2.00% | 2.00%
Decrease in fair value from: |  |  |  |
Impact of adverse change in expected credit losses |  |  | 25.00% | 25.00%
Senior IO Securities |  |  |  |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] |  |  |  |
Fair value | $ 17,333 | $ 48,765 | $ 17,333 | $ 48,765
Expected life (in years) | 3 years | 6 years |  |
Prepayment speed assumption (annual CPR) | 31.00% | 14.00% |  |
Decrease in fair value from: |  |  |  |
10% adverse change | $ 1,557 | $ 1,908 | 1,557 | 1,908
25% adverse change | $ 3,754 | $ 5,086 | 3,754 | 5,086
Discount rate assumption | 21.00% | 12.00% |  |
Decrease in fair value from: |  |  |  |
100 basis point increase | $ 337 | $ 1,079 | 337 | 1,079
200 basis point increase | $ 659 | $ 2,482 | 659 | 2,482
Credit loss assumption | 0.41% | 0.21% |  |
Decrease in fair value from: |  |  |  |
10% higher losses | $ 0 | $ 0 | 0 | 0
25% higher losses | 0 | 0 | $ 0 | $ 0
Senior IO Securities | Minimum |  |  |  |
Decrease in fair value from: |  |  |  |
Impact of adverse change in prepayment speed |  |  | 10.00% | 10.00%
Decrease in fair value from: |  |  |  |
Impact of increase in discount rate assumption |  |  | 1.00% | 1.00%
Decrease in fair value from: |  |  |  |
Impact of adverse change in expected credit losses |  |  | 10.00% | 10.00%
Senior IO Securities | Maximum |  |  |  |
Decrease in fair value from: |  |  |  |
Impact of adverse change in prepayment speed |  |  | 25.00% | 25.00%
Decrease in fair value from: |  |  |  |
Impact of increase in discount rate assumption |  |  | 2.00% | 2.00%
Decrease in fair value from: |  |  |  |
Impact of adverse change in expected credit losses |  |  | 25.00% | 25.00%
Subordinate Securities |  |  |  |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] |  |  |  |
Fair value | $ 140,124 | $ 180,309 | $ 140,124 | $ 180,309
Expected life (in years) | 8 years | 14 years |  |
Prepayment speed assumption (annual CPR) | 33.00% | 16.00% |  |
Decrease in fair value from: |  |  |  |
10% adverse change | $ 452 | $ 205 | 452 | 205
25% adverse change | $ 2,298 | $ 1,434 | 2,298 | 1,434
Discount rate assumption | 5.00% | 5.00% |  |
Decrease in fair value from: |  |  |  |
100 basis point increase | $ 9,769 | $ 18,127 | 9,769 | 18,127
200 basis point increase | $ 18,650 | $ 33,630 | 18,650 | 33,630
Credit loss assumption | 0.41% | 0.21% |  |
Decrease in fair value from: |  |  |  |
10% higher losses | $ 2,409 | $ 1,804 | 2,409 | 1,804
25% higher losses | $ 5,915 | $ 4,520 | $ 5,915 | $ 4,520
Subordinate Securities | Minimum |  |  |  |
Decrease in fair value from: |  |  |  |
Impact of adverse change in prepayment speed |  |  | 10.00% | 10.00%
Decrease in fair value from: |  |  |  |
Impact of increase in discount rate assumption |  |  | 1.00% | 1.00%
Decrease in fair value from: |  |  |  |
Impact of adverse change in expected credit losses |  |  | 10.00% | 10.00%
Subordinate Securities | Maximum |  |  |  |
Decrease in fair value from: |  |  |  |
Impact of adverse change in prepayment speed |  |  | 25.00% | 25.00%
Decrease in fair value from: |  |  |  |
Impact of increase in discount rate assumption |  |  | 2.00% | 2.00%
Decrease in fair value from: |  |  |  |
Impact of adverse change in expected credit losses |  |  | 25.00% | 25.00%

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