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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
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Residential loan purchase commitments, net        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Net gains (losses) attributable to level 3 liabilities still held included in net income $ (696) $ 2,137 $ (724) $ (1,634)
Held-for-investment at fair value | Residential loans at Redwood        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Net gains (losses) attributable to level 3 assets still held included in net income 14,130 (359) 10,481 (746)
Held-for-investment at fair value | Sequoia        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Net gains (losses) attributable to level 3 assets still held included in net income 4,693 39,558 8,893 (30,502)
Held-for-investment at fair value | Freddie Mac SLST        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Net gains (losses) attributable to level 3 assets still held included in net income 36,137 26,867 40,225 (115,295)
Business purpose loans        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Net gains (losses) attributable to level 3 assets still held included in net income 28,404 31,187 40,003 (21,026)
Multifamily loans | Freddie Mac K-Series        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Net gains (losses) attributable to level 3 assets still held included in net income 1,855 1,599 10,776 (13,180)
Single family rental loans | CAFL        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Net gains (losses) attributable to level 3 assets still held included in net income 2,908 17,125 2,556 (50,721)
Trading Securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Net gains (losses) attributable to level 3 assets still held included in net income 1,772 30,647 2,262 (79,633)
Servicer Advance Investments        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Net gains (losses) attributable to level 3 assets still held included in net income (940) (136) (1,100) (6,198)
MSRs        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Net gains (losses) attributable to level 3 assets still held included in net income (330) (1,591) 273 (16,507)
Excess MSRs        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Net gains (losses) attributable to level 3 assets still held included in net income (2,477) 2,971 (4,430) (6,523)
Shared home appreciation options        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Net gains (losses) attributable to level 3 assets still held included in net income 2,080 884 7,395 (6,670)
Residential loan purchase commitments, net        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Net gains (losses) attributable to level 3 assets still held included in net income $ 14,550 $ 357 $ 14,171 $ 357