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Principles of Consolidation - Summary of Unconsolidated Variable Interest Entity's Sponsored by Redwood (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
On-balance sheet assets, at fair value:    
Subordinate securities, classified as AFS $ 218,930 $ 218,458
Servicing asset, fair value 192,852 217,656
Variable Interest Entity, Not Primary Beneficiary    
On-balance sheet assets, at fair value:    
Maximum loss exposure 170,972 165,870
Assets transferred:    
Principal balance of loans outstanding 7,188,320 7,728,432
Principal balance of loans 30+ days delinquent 88,671 138,029
Interest-only, senior and subordinate securities, classified as trading | Variable Interest Entity, Not Primary Beneficiary    
On-balance sheet assets, at fair value:    
Interest-only, senior and subordinate securities, classified as trading 21,692 20,982
Subordinate securities, classified as AFS | Variable Interest Entity, Not Primary Beneficiary    
On-balance sheet assets, at fair value:    
Subordinate securities, classified as AFS 141,632 136,475
Mortgage servicing rights    
On-balance sheet assets, at fair value:    
Servicing asset, fair value 7,945 8,815
Mortgage servicing rights | Variable Interest Entity, Not Primary Beneficiary    
On-balance sheet assets, at fair value:    
Servicing asset, fair value $ 7,648 $ 8,413