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Business Purpose Loans - Activity and Characteristics of Business Purpose Loans (Details)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2021
USD ($)
loan
Sep. 30, 2020
USD ($)
Sep. 30, 2021
USD ($)
loan
Sep. 30, 2020
USD ($)
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     $ 9,902,028 $ 2,893,246  
Principal balance of loans sold to third parties     46,904 19,446  
Transfers from loans held-for-sale to loans held-for-investment     3,005,041 770,754  
Transfers from loans held-for-investment to loans held-for-sale     $ 44,922 0  
Adjustable rate (as a percent)     69.00%    
Fixed rate (as a percent)     31.00%    
Transfers from residential loans to real estate owned     $ 21,655 12,547  
Amount related to transfers into REO     $ 21,654    
CAFL          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Number of loans transferred | loan     3    
Amount related to transfers into REO     $ 11,924    
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 $ 426,000   426,000    
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 392,620 $ 195,744 957,935 631,749  
Principal balance of loans acquired 2,463 0 2,463 0  
Principal balance of loans sold to third parties 0 7,695 0 33,843  
Transfers from loans held-for-sale to loans held-for-investment 332,670 326,405 799,375 925,437  
Transfers from loans held-for-investment to loans held-for-sale 0 0 44,922 0  
Gain (loss) on investments 0 0 0 (20,806)  
Fair value of loans 466,346   466,346   $ 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 19,205 43,191 54,675 54,731  
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 $ (34,803) 88,271 (96,934) (14,319)  
Number of loans | loan 1,157       1,094
Unpaid principal balance $ 3,207,118   3,207,118   $ 3,017,137
Fair value of loans $ 3,402,411   $ 3,402,411   $ 3,249,194
Weighted average coupon rate 5.27%   5.27%   5.44%
Contract maturities 6 years       5 years
Fair value of loans with 90+ day delinquencies $ 22,004   $ 22,004   $ 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 15   15   22
Fair value of loans with 90+ day delinquencies $ 39,423   $ 39,423   $ 61,440
Bridge 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 0 0 0 0  
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 208,938 65,517 557,327 351,353  
Principal balance of loans acquired 35,713 0 35,713 0  
Principal balance of loans sold to third parties 253 1,567 9,484 23,860  
Gain (loss) on investments 900 6,812 4,142 (10,016)  
Fair value of loans 548,445   548,445   641,765
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 3,691 29 5,212 (3,412)  
Bridge loans held-for-investment | Redwood          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Transfers from loans held-for-sale to loans held-for-investment 276,354   276,354    
Business Purpose Loans          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Fee income 9,000 $ 3,000 22,000 $ 13,000  
Fair value of loans $ 4,693,555   4,693,555   $ 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 123       65
Unpaid principal balance $ 451,295   451,295   $ 234,475
Fair value of loans $ 466,346   $ 466,346   $ 245,394
Weighted average coupon rate 4.57%   4.57%   4.84%
Contract maturities 7 years       8 years
Fair value of loans with 90+ day delinquencies $ 4,978   $ 4,978   $ 0
Number of loans in foreclosure | loan 6   6   0
Unpaid principal balance of loans in foreclosure $ 2,619   $ 2,619   $ 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 127,930       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 298,014       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 $ 2,664   $ 2,664   $ 6,143
Number of loans with 90+ day delinquencies | loan 7   7   10
Fair value of loans with 90+ day delinquencies $ 5,067   $ 5,067   $ 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 1,092       1,725
Unpaid principal balance $ 550,711   550,711   $ 649,532
Fair value of loans $ 548,445   $ 548,445   $ 641,765
Weighted average coupon rate 7.48%   7.48%   8.09%
Contract maturities 1 year       1 year
Fair value of loans with 90+ day delinquencies $ 26,177   $ 26,177   $ 38,552
Number of loans in foreclosure | loan 34   34   25
Unpaid principal balance of loans in foreclosure $ 22,570   $ 22,570   $ 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 126,725       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 373,597       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 $ 26,525   $ 26,525   $ 33,605
Number of loans with 90+ day delinquencies | loan 35   35   31
Fair value of loans with 90+ day delinquencies $ 30,132   $ 30,132   $ 39,415
Business Purpose Bridge Loans | CAFL          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Number of loans | loan 1,589       0
Unpaid principal balance $ 272,243   272,243   $ 0
Fair value of loans $ 276,354   $ 276,354   $ 0
Weighted average coupon rate 7.19%   7.19%   0.00%
Contract maturities 1 year        
Fair value of loans with 90+ day delinquencies $ 0   $ 0   $ 0
Number of loans in foreclosure | loan 0   0   0
Unpaid principal balance of loans in foreclosure $ 0   $ 0   $ 0
Business Purpose Bridge Loans | 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]          
Fair value of loans $ 0   $ 0   $ 0
Number of loans with 90+ day delinquencies | loan 0   0   0
Fair value of loans with 90+ day delinquencies $ 0   $ 0   $ 0