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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 | 12 Months Ended
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Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018
Loan purchase and interest rate lock commitments |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Net gain (loss) attributable to Level 3 liability | $ (577) | $ (1,290) | $ (732)
Contingent Consideration |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Net gain (loss) attributable to Level 3 liability | 0 | (3,217) | 0
Residential loans, held-for-investment | Residential loans at Redwood |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Net gain (loss) attributable to Level 3 asset | 1,138 | 67,470 | (17,757)
Residential loans, held-for-investment | Net investments in consolidated Sequoia entities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Net gain (loss) attributable to Level 3 asset | (14,646) | 4,529 | (1,046)
Residential loans, held-for-investment | Freddie Mac SLST |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Net gain (loss) attributable to Level 3 asset | (21,220) | 27,225 | 21,295
Business purpose loans |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Net gain (loss) attributable to Level 3 asset | 9,420 | 14,603 | 445
Multifamily securities | Freddie Mac K-Series |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Net gain (loss) attributable to Level 3 asset | (9,309) | 21,430 | 931
Single-family rental loans | CAFL |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Net gain (loss) attributable to Level 3 asset | (37,062) | (14,681) | 0
Trading securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Net gain (loss) attributable to Level 3 asset | (83,327) | 18,865 | (12,256)
AFS Securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Net gain (loss) attributable to Level 3 asset | (388) | 0 | (89)
Servicer advance investments |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Net gain (loss) attributable to Level 3 asset | (8,902) | 3,001 | (702)
MSRs |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Net gain (loss) attributable to Level 3 asset | (17,545) | (11,957) | 1,942
Excess MSRs |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Net gain (loss) attributable to Level 3 asset | (8,302) | (3,260) | 1,824
Shared home appreciation options |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Net gain (loss) attributable to Level 3 asset | (1,884) | 842 | 0
Loan purchase and interest rate lock commitments |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Net gain (loss) attributable to Level 3 asset | $ 15,027 | $ 10,190 | $ 2,913

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