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Principles of Consolidation - Summary of Unconsolidated Variable Interest Entity's Sponsored by Redwood (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020
--- | --- | ---
On-balance sheet assets, at fair value: |  |
Subordinate securities, classified as AFS | $ 200,276 | $ 218,458
Servicing asset, fair value | 159,408 | 217,656
Variable Interest Entity, Not Primary Beneficiary |  |
On-balance sheet assets, at fair value: |  |
Maximum loss exposure | 153,322 | 165,870
Assets transferred: |  |
Principal balance of loans outstanding | 5,542,244 | 7,728,432
Principal balance of loans 30+ days delinquent | 32,422 | 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 | 18,380 | 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 | 128,874 | 136,475
Mortgage servicing rights |  |
On-balance sheet assets, at fair value: |  |
Servicing asset, fair value | 12,389 | 8,815
Mortgage servicing rights | Variable Interest Entity, Not Primary Beneficiary |  |
On-balance sheet assets, at fair value: |  |
Servicing asset, fair value | $ 6,068 | $ 8,413

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