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Principles of Consolidation - Key Assumptions and Sensitivity Analysis for Assets Retained from Unconsolidated Variable Interest Entity's Sponsored by Redwood (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020
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MSRs |  |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] |  |
Fair value | $ 6,450 | $ 8,413
Expected life (in years) | 3 years | 2 years
Prepayment speed assumption (annual CPR) (as a percent) | 29.00% | 37.00%
Decrease in fair value from: |  |
10% adverse change | $ 447 | $ 906
25% adverse change | $ 1,020 | $ 2,058
Discount rate assumption (as a percent) | 12.00% | 12.00%
Decrease in fair value from: |  |
100 basis point increase | $ 152 | $ 196
200 basis point increase | $ 297 | $ 380
MSRs | Minimum |  |
Decrease in fair value from: |  |
Impact of adverse change in prepayment speed (as a percent) | 10.00% | 10.00%
Decrease in fair value from: |  |
Impact of increase in discount rate assumption | 1.00% | 1.00%
Decrease in fair value from: |  |
Impact of adverse change in expected credit losses (as a percent) | 10.00% | 10.00%
MSRs | Maximum |  |
Decrease in fair value from: |  |
Impact of adverse change in prepayment speed (as a percent) | 25.00% | 25.00%
Decrease in fair value from: |  |
Impact of increase in discount rate assumption | 2.00% | 2.00%
Decrease in fair value from: |  |
Impact of adverse change in expected credit losses (as a percent) | 25.00% | 25.00%
Senior IO Securities |  |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] |  |
Fair value | $ 18,214 | $ 17,333
Expected life (in years) | 4 years | 3 years
Prepayment speed assumption (annual CPR) (as a percent) | 23.00% | 31.00%
Decrease in fair value from: |  |
10% adverse change | $ 1,130 | $ 1,557
25% adverse change | $ 2,596 | $ 3,754
Discount rate assumption (as a percent) | 16.00% | 21.00%
Decrease in fair value from: |  |
100 basis point increase | $ 426 | $ 337
200 basis point increase | $ 829 | $ 659
Credit loss assumption (as a percent) | 0.35% | 0.41%
Decrease in fair value from: |  |
10% higher losses | $ 0 | $ 0
25% higher losses | $ 0 | $ 0
Senior IO Securities | Minimum |  |
Decrease in fair value from: |  |
Impact of adverse change in prepayment speed (as a percent) | 10.00% | 10.00%
Decrease in fair value from: |  |
Impact of increase in discount rate assumption | 1.00% | 1.00%
Decrease in fair value from: |  |
Impact of adverse change in expected credit losses (as a percent) | 10.00% | 10.00%
Senior IO Securities | Maximum |  |
Decrease in fair value from: |  |
Impact of adverse change in prepayment speed (as a percent) | 25.00% | 25.00%
Decrease in fair value from: |  |
Impact of increase in discount rate assumption | 2.00% | 2.00%
Decrease in fair value from: |  |
Impact of adverse change in expected credit losses (as a percent) | 25.00% | 25.00%
Subordinate Securities |  |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] |  |
Fair value | $ 127,542 | $ 140,124
Expected life (in years) | 5 years | 8 years
Prepayment speed assumption (annual CPR) (as a percent) | 32.00% | 33.00%
Decrease in fair value from: |  |
10% adverse change | $ 531 | $ 452
25% adverse change | $ 1,440 | $ 2,298
Discount rate assumption (as a percent) | 5.00% | 5.00%
Decrease in fair value from: |  |
100 basis point increase | $ 4,801 | $ 9,769
200 basis point increase | $ 9,139 | $ 18,650
Credit loss assumption (as a percent) | 0.35% | 0.41%
Decrease in fair value from: |  |
10% higher losses | $ 1,528 | $ 2,409
25% higher losses | $ 3,819 | $ 5,915
Subordinate Securities | Minimum |  |
Decrease in fair value from: |  |
Impact of adverse change in prepayment speed (as a percent) | 10.00% | 10.00%
Decrease in fair value from: |  |
Impact of increase in discount rate assumption | 1.00% | 1.00%
Decrease in fair value from: |  |
Impact of adverse change in expected credit losses (as a percent) | 10.00% | 10.00%
Subordinate Securities | Maximum |  |
Decrease in fair value from: |  |
Impact of adverse change in prepayment speed (as a percent) | 25.00% | 25.00%
Decrease in fair value from: |  |
Impact of increase in discount rate assumption | 2.00% | 2.00%
Decrease in fair value from: |  |
Impact of adverse change in expected credit losses (as a percent) | 25.00% | 25.00%

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