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Commitments and Contingencies - Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |  |  |
--- | --- | --- | --- | --- | ---
Sep. 30, 2021 USD ($) lease | Sep. 30, 2020 USD ($) | Mar. 31, 2019 partnership | Sep. 30, 2021 USD ($) loan repurchase_request lease | Sep. 30, 2020 USD ($) loan repurchase_request | Dec. 31, 2020 USD ($) | Dec. 31, 2016 USD ($) | Dec. 31, 2015 USD ($)
Loss Contingencies [Line Items] |  |  |  |  |  |  |  |  |
Lessee, number of leases | lease |  | 7 |  |  | 7 |  |  |  |
Present value of remaining lease payments |  | $ 18,399 |  |  | $ 18,399 |  |  |  |
Operating lease expense |  |  |  |  | 3,000 | $ 3,000 |  |  |
Increase in operating lease liability |  |  |  |  | 1,000 |  |  |  |
Increase in operating lease, right of use asset |  |  |  |  | 1,000 |  |  |  |
Operating lease liabilities |  | $ 15,771 |  |  | $ 15,771 |  | $ 16,687 |  |
Operating lease liability, statement of financial position [Extensible List] |  | Accounts Payable and Accrued Liabilities |  |  | Accounts Payable and Accrued Liabilities |  |  |  |
Operating lease right-of-use assets |  | $ 13,659 |  |  | $ 13,659 |  | 15,012 |  |
Operating lease right-of-use asset, statement of financial position [Extensible List] |  | Other assets |  |  | Other assets |  |  |  |
Weighted average remaining lease term |  | 7 years |  |  | 7 years |  |  |  |
Discount rate (as a percent) |  | 4.90% |  |  | 4.90% |  |  |  |
Derivative liabilities | [1] | $ 10,972 |  |  | $ 10,972 |  | 16,072 |  |
Net market valuation gains (losses) |  | (300) | $ 1,000 |  | 1,000 | (1,000) |  |  |
Number of partnerships, committed to fund | partnership |  |  |  | 2 |  |  |  |  |
Other income related to risk sharing agreement |  | 575 | 1,200 |  | 2,318 | $ 3,146 |  |  |
Market valuation losses related to these investments |  |  |  |  | (100) |  |  |  |
Guarantee obligations |  | 7,902 |  |  | 7,902 |  | 10,039 |  |
Guarantee obligations, credit reserve |  | 5,000 |  |  | 5,000 |  |  |  |
Special purpose entities assets |  | 34,000 |  |  | 34,000 |  | 46,000 |  |
Special purpose entities liabilities |  | 8,000 |  |  | 8,000 |  | 10,000 |  |
Residential repurchase reserve |  | 9,003 |  |  | $ 9,003 |  | 8,631 |  |
Number of residential repurchase requests (in repurchase requests) | repurchase_request |  |  |  |  | 3 | 8 |  |  |
Number of loans repurchased | loan |  |  |  |  | 1 | 0 |  |  |
Residential loans repurchase provision (reversal) |  |  |  |  | $ 600 | $ (4,000) |  |  |
Aggregate amount of loss contingency reserves |  | 2,000 |  |  | 2,000 |  |  |  |
Residential Loan Seller Demands |  |  |  |  |  |  |  |  |
Loss Contingencies [Line Items] |  |  |  |  |  |  |  |  |
Aggregate amount of accrual |  | 2,000 |  |  | 2,000 |  |  |  |
Maximum |  |  |  |  |  |  |  |  |
Loss Contingencies [Line Items] |  |  |  |  |  |  |  |  |
Loss from arrangements |  |  |  |  | 100 |  |  |  |
Market valuation losses related to these investments |  | 100 |  |  |  |  |  |  |
Residential Loans |  |  |  |  |  |  |  |  |
Loss Contingencies [Line Items] |  |  |  |  |  |  |  |  |
Loan principal |  | 1,464,767 |  |  | 1,464,767 |  | 172,748 |  |
Fair value of loans |  | 1,495,079 |  |  | 1,495,079 |  | 176,641 |  |
Financing Receivables, Equal to Greater than 90 Days Past Due | Residential Loans |  |  |  |  |  |  |  |  |
Loss Contingencies [Line Items] |  |  |  |  |  |  |  |  |
Fair value of loans |  | 3,159 |  |  | 3,159 |  | $ 1,882 |  |
Other income |  |  |  |  |  |  |  |  |
Loss Contingencies [Line Items] |  |  |  |  |  |  |  |  |
Other income related to risk sharing agreement |  | 1,000 | 1,000 |  | 2,000 | 3,000 |  |  |
Mortgage banking and investment activities |  |  |  |  |  |  |  |  |
Loss Contingencies [Line Items] |  |  |  |  |  |  |  |  |
Market valuation losses related to these investments |  |  | $ (300) |  |  | $ (1,000) |  |  |
Guarantee Obligations |  |  |  |  |  |  |  |  |
Loss Contingencies [Line Items] |  |  |  |  |  |  |  |  |
Original unpaid balance of loans subject to risk sharing agreements |  |  |  |  |  |  |  | $ 3,190,000 | $ 3,190,000
Potential future payments on loans |  | 44,000 |  |  | 44,000 |  |  |  |
Loan principal |  | $ 618,000 |  |  | $ 618,000 |  |  |  |
Weighted average original FICO score |  | 756 |  |  | 756 |  |  |  |
Weighted average original loan-to-value (LTV) |  | 74.00% |  |  | 74.00% |  |  |  |
Guarantee Obligations | Residential Loans |  |  |  |  |  |  |  |  |
Loss Contingencies [Line Items] |  |  |  |  |  |  |  |  |
Unpaid principal balance of loans in foreclosure |  | $ 200 |  |  | $ 200 |  |  |  |
Guarantee Obligations | Financing Receivables, Equal to Greater than 90 Days Past Due |  |  |  |  |  |  |  |  |
Loss Contingencies [Line Items] |  |  |  |  |  |  |  |  |
Fair value of loans |  | 21,000 |  |  | 21,000 |  |  |  |
Commitment To Fund Residential Bridge Loan |  |  |  |  |  |  |  |  |
Loss Contingencies [Line Items] |  |  |  |  |  |  |  |  |
Commitments to fund temporary advances |  | 426,000 |  |  | 426,000 |  |  |  |
Derivative liabilities |  | (1,000) |  |  | (1,000) |  |  |  |
Commitments To Fund Point Options |  |  |  |  |  |  |  |  |
Loss Contingencies [Line Items] |  |  |  |  |  |  |  |  |
Commitments to fund temporary advances |  | $ 125,000 |  |  | $ 125,000 |  |  |  |
[1] | Our consolidated balance sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations of these VIEs and liabilities of consolidated VIEs for which creditors do not have recourse to Redwood Trust, Inc. or its affiliates. At September 30, 2021 and December 31, 2020, assets of consolidated VIEs totaled $9,358,317 and $8,141,069, respectively. At September 30, 2021 and December 31, 2020, liabilities of consolidated VIEs totaled $8,391,761 and $7,348,713, respectively. See Note 4 for further discussion.

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