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Business Purpose Loans - Activity and Characteristics of Business Purpose Loans (Details)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2021
USD ($)
loan
Dec. 31, 2021
USD ($)
loan
Dec. 31, 2020
USD ($)
loan
Dec. 31, 2019
USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Purchases of held-for-sale loans   $ 13,188,434 $ 4,431,468 $ 5,823,547
Principal balance of loans sold to third parties   60,667 27,210 84,303
Transfers from loans held-for-sale to loans held-for-investment   5,026,723 1,868,656 1,801,560
Transfers from loans held-for-investment to loans held-for-sale   $ 92,400 64,520 22,808
Amount of investments with original maturities of of 30 years (as a percent)   2.00%    
Transfers from residential loans to real estate owned   $ 40,038 14,229 $ 8,609
Transfers to REO   $ 40,038 14,119  
LIBOR        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Variable rate (as a percent)   75.00%    
Fixed Rate        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Variable rate (as a percent)   25.00%    
CAFL(1)        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Transfers to REO   $ 21,129 $ 6,157  
Commitment To Fund Residential Bridge Loan        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Other commitment $ 625,000 $ 625,000    
Single-family rental loans, held-for-sale        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Number of Loans | loan   245 65  
Unpaid principal balance 348,232 $ 348,232 $ 234,475  
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   1,254,913 979,696  
Principal balance of loans acquired (1)   68,804 0  
Principal balance of loans sold to third parties   193,963 110,836  
Transfers from loans held-for-sale to loans held-for-investment   1,116,443 1,292,633  
Transfers from loans held-for-investment to loans held-for-sale   92,455 0  
Gain (loss) on investments   0 (20,806)  
Loans, at fair value 358,309 358,309 245,394  
Single-family rental loans, held-for-sale | Redwood | Business Purpose Mortgage Banking Activities        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Gain (loss) on investments   63,206 81,032  
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   894,908 451,554  
Principal balance of loans acquired (1)   65,315 0  
Principal balance of loans sold to third parties   9,484 25,151  
Gain (loss) on investments   1,483 $ (10,629)  
Number of Loans | loan     1,725  
Unpaid principal balance     $ 649,531  
Loans, at fair value 666,364 666,364 641,765  
Bridge loans held-for-investment | Business Purpose Mortgage Banking Activities        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Gain (loss) on investments   $ 7,187 (2,916)  
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 358,884      
Transfers from loans held-for-investment to loans held-for-sale 0      
Bridge loans held-for-investment | CAFL(1)        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Number of Loans | loan   1,640    
Unpaid principal balance 274,617 $ 274,617    
Business Purpose Loans        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Fee income   34,000 19,000  
Loans, at fair value 4,790,989 4,790,989 4,136,353  
Single-family rental loans held-for-investment | Redwood        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Loans, at fair value 0 0 0  
Single-family rental loans held-for-investment | CAFL(1)        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Gain (loss) on investments   $ (158,081) $ 32,331  
Number of Loans | loan   1,173 1,094  
Unpaid principal balance 3,340,949 $ 3,340,949 $ 3,017,137  
Loans, at fair value $ 3,488,074 $ 3,488,074 $ 3,249,194  
Weighted average coupon rate (as a percent) 5.17% 5.17% 5.44%  
Contract maturities   6 years 5 years  
Loans held as assets, 90 days or more past due $ 12,648 $ 12,648 $ 24,745  
Number of loans in foreclosure | loan 9 9 10  
Single-family rental loans held-for-investment | CAFL(1) | 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 past due | loan 18 18 22  
Loans held as assets, 90 days or more past due $ 41,998 $ 41,998 $ 61,440  
Bridge Loans Held For Investment At Fair Value | CAFL(1)        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Gain (loss) on investments   $ (1,548) $ 0  
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   245 65  
Unpaid principal balance 348,232 $ 348,232 $ 234,475  
Loans, at fair value $ 358,309 $ 358,309 $ 245,394  
Weighted average coupon rate (as a percent) 4.73% 4.73% 4.84%  
Contract maturities   12 years 8 years  
Loans held as assets, 90 days or more past due $ 5,473 $ 5,473 $ 0  
Number of loans in foreclosure | loan 7 7 0  
Loans held as assets amount in foreclosure $ 4,305 $ 4,305 $ 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   75,873 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   244,703 154,774  
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]        
Loans, at fair value $ 4,238 $ 4,238 $ 6,143  
Number of loans past due | loan 6 6 10  
Loans held as assets, 90 days or more past due $ 5,384 $ 5,384 $ 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   1,134 1,725  
Unpaid principal balance 670,392 $ 670,392 $ 649,532  
Loans, at fair value $ 666,364 $ 666,364 $ 641,765  
Weighted average coupon rate (as a percent) 6.91% 6.91% 8.09%  
Contract maturities   1 year 1 year  
Loans held as assets, 90 days or more past due $ 18,043 $ 18,043 $ 38,552  
Number of loans in foreclosure | loan 28 28 25  
Loans held as assets amount in foreclosure $ 14,257 $ 14,257 $ 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   91,814 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   554,597 544,151  
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]        
Loans, at fair value $ 14,218 $ 14,218 $ 33,605  
Number of loans past due | loan 31 31 31  
Loans held as assets, 90 days or more past due $ 18,032 $ 18,032 $ 39,415  
Business Purpose Bridge Loans | CAFL(1)        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Number of Loans | loan   1,640 0  
Unpaid principal balance 274,617 $ 274,617 $ 0  
Loans, at fair value $ 278,242 $ 278,242 $ 0  
Weighted average coupon rate (as a percent) 7.05% 7.05% 0.00%  
Contract maturities   1 year    
Loans held as assets, 90 days or more past due $ 0 $ 0 $ 0  
Number of loans in foreclosure | loan 0 0 0  
Loans held as assets amount in foreclosure $ 0 $ 0 $ 0  
Business Purpose Bridge Loans | CAFL(1) | 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]        
Loans, at fair value $ 0 $ 0 $ 0  
Number of loans past due | loan 0 0 0  
Loans held as assets, 90 days or more past due $ 0 $ 0 $ 0  
Bridge Loans | Minimum        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Original maturity (in months)   6 months    
Bridge Loans | Maximum        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Original maturity (in months)   24 months