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Business Purpose Loans - Activity and Characteristics of Business Purpose Loans (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended
--- | --- | --- | ---
Jun. 30, 2021 USD ($) loan | Jun. 30, 2020 USD ($) | Jun. 30, 2021 USD ($) loan | Jun. 30, 2020 USD ($) | Dec. 31, 2020 USD ($) loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Purchases of held-for-sale loans |  |  | $ 6,682,864 | $ 2,720,245 |
Principal balance of loans sold to third parties |  |  | 29,786 | 16,405 |
Transfers from loans held-for-sale to loans held-for-investment |  |  | 1,998,535 | 706,775 |
Transfers from loans held-for-investment to loans held-for-sale |  |  | $ 44,922 | 0 |
Adjustable rate (as a percent) |  |  | 63.00% |  |
Fixed rate (as a percent) |  |  | 37.00% |  |
Number of loans transferred | loan |  |  | 4 |  |
Transfers from residential loans to real estate owned |  |  | $ 15,827 | 9,645 |
Amount related to transfers into REO |  |  | 15,826 |  |
CAFL |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Amount related to transfers into REO |  |  | $ 11,924 |  |
Number of loans | loan |  |  | 2 |  |
Commitment To Fund Residential Bridge Loan |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Commitment to fund loan | $ 374,000 |  | $ 374,000 |  |
Single-family rental loans, held-for-sale | Redwood |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Purchases of held-for-sale loans | 312,217 | $ 175,876 | 565,315 | 436,005 |
Principal balance of loans sold to third parties | 0 | 0 | 0 | 26,148 |
Transfers from loans held-for-sale to loans held-for-investment | 297,301 | 220,923 | 466,705 | 599,032 |
Transfers from loans held-for-investment to loans held-for-sale | 44,922 | 0 | 44,922 | 0 |
Gain (loss) on investments | 0 | 2,222 | 0 | (20,806) |
Fair value of loans | 418,442 |  | 418,442 |  | $ 245,394
Single-family rental loans, held-for-sale | Redwood | Business Purpose Mortgage Banking Activities, Net: |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Gain (loss) on investments | 25,222 | 1,210 | 35,470 | 11,540 |
Single Family Rental Loans Held For Investment At Fair Value | Redwood |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Fair value of loans | 0 |  | 0 |  | $ 0
Single Family Rental Loans Held For Investment At Fair Value | CAFL |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Gain (loss) on investments | $ (1,230) | 169,327 | (62,132) | (102,590) |
Number of loans | loan | 1,121 |  |  |  | 1,094
Unpaid principal balance | $ 3,060,949 |  | 3,060,949 |  | $ 3,017,137
Fair value of loans | $ 3,263,878 |  | $ 3,263,878 |  | $ 3,249,194
Weighted average coupon rate | 5.34% |  | 5.34% |  | 5.44%
Contract maturities | 5 years |  |  |  | 5 years
Fair value of loans with 90+ day delinquencies | $ 24,212 |  | $ 24,212 |  | $ 24,745
Number of loans in foreclosure | loan | 10 |  | 10 |  | 10
Single Family Rental Loans Held For Investment At Fair Value | CAFL | 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 with 90+ day delinquencies | loan | 21 |  | 21 |  | 22
Fair value of loans with 90+ day delinquencies | $ 59,841 |  | $ 59,841 |  | $ 61,440
Bridge loans held-for-investment |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Purchases of held-for-sale loans | 215,160 | 58,468 | 348,389 | 285,836 |
Principal balance of loans sold to third parties | 354 | 1,558 | 9,231 | 22,293 |
Transfers from loans held-for-investment to loans held-for-sale | 0 | 0 | 0 | 0 |
Gain (loss) on investments | (62) | 21,774 | 3,242 | (16,828) |
Transfers from residential loans to real estate owned |  |  | 2,000 |  |
Fair value of loans | 726,569 |  | $ 726,569 |  | 641,765
Bridge loans held-for-investment | Minimum |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Residential bridge loans held-for-investment, original maturities (in months) |  |  | 6 months |  |
Bridge loans held-for-investment | Maximum |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Residential bridge loans held-for-investment, original maturities (in months) |  |  | 24 months |  |
Bridge loans held-for-investment | Business Purpose Mortgage Banking Activities, Net: |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Gain (loss) on investments | 978 | (3,277) | $ 1,521 | (3,441) |
Business Purpose Loans |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Fee income | 7,000 | $ 2,000 | 13,000 | $ 11,000 |
Fair value of loans | $ 4,408,889 |  | 4,408,889 |  | $ 4,136,353
Single-Family Rental Loans, Held-For-Sale | Redwood |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Number of loans | loan | 112 |  |  |  | 65
Unpaid principal balance | $ 399,900 |  | 399,900 |  | $ 234,475
Fair value of loans | $ 418,442 |  | $ 418,442 |  | $ 245,394
Weighted average coupon rate | 4.84% |  | 4.84% |  | 4.84%
Contract maturities | 7 years |  |  |  | 8 years
Fair value of loans with 90+ day delinquencies | $ 5,976 |  | $ 5,976 |  | $ 0
Number of loans in foreclosure | loan | 7 |  | 7 |  | 0
Unpaid principal balance of loans in foreclosure | $ 4,798 |  | $ 4,798 |  | $ 0
Single-Family Rental Loans, Held-For-Sale | Redwood | Loans Pledged As Collateral, Short Term Debt |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Gain (loss) on investments | 122,277 |  |  |  | 34,098
Single-Family Rental Loans, Held-For-Sale | Redwood | Loans Pledged As Collateral, Long Term debt |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Gain (loss) on investments | 246,903 |  |  |  | 154,774
Single-Family Rental Loans, Held-For-Sale | Redwood | 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] |  |  |  |  |
Fair value of loans | $ 5,369 |  | $ 5,369 |  | $ 6,143
Number of loans with 90+ day delinquencies | loan | 9 |  | 9 |  | 10
Fair value of loans with 90+ day delinquencies | $ 6,586 |  | $ 6,586 |  | $ 7,127
Business Purpose Bridge Loans |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Number of loans | loan | 2,471 |  |  |  | 1,725
Unpaid principal balance | $ 729,149 |  | 729,149 |  | $ 649,532
Fair value of loans | $ 726,569 |  | $ 726,569 |  | $ 641,765
Weighted average coupon rate | 7.63% |  | 7.63% |  | 8.09%
Contract maturities | 1 year |  |  |  | 1 year
Fair value of loans with 90+ day delinquencies | $ 32,611 |  | $ 32,611 |  | $ 38,552
Number of loans in foreclosure | loan | 43 |  | 43 |  | 25
Unpaid principal balance of loans in foreclosure | $ 28,963 |  | $ 28,963 |  | $ 33,066
Business Purpose Bridge Loans | Loans Pledged As Collateral, Short Term Debt |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Gain (loss) on investments | 127,133 |  |  |  | 92,931
Business Purpose Bridge Loans | Loans Pledged As Collateral, Long Term debt |  |  |  |  |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] |  |  |  |  |
Gain (loss) on investments | 555,791 |  |  |  | 544,151
Business Purpose Bridge 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] |  |  |  |  |
Fair value of loans | $ 31,512 |  | $ 31,512 |  | $ 33,605
Number of loans with 90+ day delinquencies | loan | 40 |  | 40 |  | 31
Fair value of loans with 90+ day delinquencies | $ 35,018 |  | $ 35,018 |  | $ 39,415

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