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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