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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 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 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 $ (2,570) $ 420 $ (2,550) $ (1,334)
Point HEI Noncontrolling Interest        
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 (83) 0 (83) 0
Point Entities        
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 47 0 129 0
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 6,553 (107) 9,371 (865)
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 2,885 7,700 11,779 (22,802)
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 13,781 82,209 54,006 (33,087)
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 18,810 21,155 19,829 17,901
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 555 2,165 11,330 (11,014)
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 2,943 9,673 5,500 (41,048)
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 1,547 (3,549) 3,824 (80,358)
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 (2,079) 25 (3,179) (6,172)
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 (235) (2,376) (49) (16,798)
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 (803) (1,127) (5,233) (7,650)
HEIs 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 (41) 2,384 21 (4,286)
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 $ 9,021 $ 10,791 $ 9,261 $ 10,773