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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, 2022
USD ($)
loan
Sep. 30, 2021
USD ($)
Sep. 30, 2022
USD ($)
loan
Sep. 30, 2021
USD ($)
Dec. 31, 2021
USD ($)
loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Purchases of held-for-sale loans     $ 3,734,972 $ 9,902,028  
Principal balance of loans sold to third parties     26,584 46,904  
Fair value of loans transferred     2,643,027 3,005,041  
Transfers from loans held-for-investment to loans held-for-sale     0 44,922  
Redwood | Riverbend Acquisition          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Principal balance of loans acquired $ 60,000        
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 99,281 $ 392,620 865,253 957,935  
Principal balance of loans acquired 0 2,463 100,349 2,463  
Principal balance of loans sold to third parties 37,202 0 368,704 0  
Fair value of loans transferred 266,181 332,670 561,218 799,375  
Transfers from loans held-for-investment to loans held-for-sale     0 44,922  
Gain (loss) on investments 0 0 0 0  
Fair value of loans 281,105   281,105   $ 358,309
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 (19,325) 19,205 (83,827) 54,675  
Bridge loans held-for-investment | Redwood          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Purchases of held-for-sale loans 470,425 208,938 1,424,604 557,327  
Principal balance of loans acquired 59,977 35,713 81,983 35,713  
Principal balance of loans sold to third parties 48,279 253 48,279 9,484  
Fair value of loans transferred 77,362 276,354 465,966 276,354  
Transfers from loans held-for-investment to loans held-for-sale     0    
Gain (loss) on investments (679) 900 (6,747) 4,142  
Fair value of loans 1,388,750   1,388,750   666,364
Bridge loans held-for-investment | 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 (110) 3,691 1,129 5,212  
Business Purpose Loans          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Fee income 10,000   36,000    
Fair value of loans 5,257,218   5,257,218   4,790,989
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 (108,980) (34,803) $ (419,182) (96,934)  
Number of loans | loan     1,142   1,173
Unpaid principal balance 3,316,706   $ 3,316,706   $ 3,340,949
Fair value of loans $ 3,018,994   $ 3,018,994   $ 3,488,074
Weighted average coupon rate (as a percent) 5.22%   5.22%   5.17%
Weighted average remaining loan term (years)     6 years   6 years
Fair value of loans with 90+ day delinquencies $ 10,335   $ 10,335   $ 12,648
Number of loans in foreclosure | loan 7   7   9
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   18
Fair value of loans with 90+ day delinquencies $ 31,296   $ 31,296   $ 41,998
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 1,906 $ 0 $ 50 $ 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     202   245
Unpaid principal balance 317,556   $ 317,556   $ 348,232
Fair value of loans $ 281,105   $ 281,105   $ 358,309
Weighted average coupon rate (as a percent) 5.14%   5.14%   4.73%
Weighted average remaining loan term (years)     15 years   12 years
Fair value of loans with 90+ day delinquencies $ 536   $ 536   $ 5,473
Number of loans in foreclosure | loan 1   1   7
Unpaid principal balance of loans in foreclosure $ 528   $ 528   $ 4,305
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     279,846   75,873
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     0   244,703
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 $ 528   $ 528   $ 4,238
Number of loans with 90+ day delinquencies | loan 1   1   6
Fair value of loans with 90+ day delinquencies $ 536   $ 536   $ 5,384
Business Purpose Bridge Loans | Redwood          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Number of loans | loan     1,585   1,134
Unpaid principal balance 1,452,180   $ 1,452,180   $ 670,392
Fair value of loans $ 1,444,883   $ 1,444,883   $ 666,364
Weighted average coupon rate (as a percent) 8.06%   8.06%   6.91%
Weighted average remaining loan term (years)     2 years   1 year
Fair value of loans with 90+ day delinquencies $ 33,471   $ 33,471   $ 18,043
Number of loans in foreclosure | loan 49   49   28
Unpaid principal balance of loans in foreclosure $ 30,789   $ 30,789   $ 14,257
Business Purpose Bridge Loans | 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     702,899   91,814
Business Purpose Bridge Loans | 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     699,704   554,597
Business Purpose Bridge Loans | 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 $ 31,140   $ 31,140   $ 14,218
Number of loans with 90+ day delinquencies | loan 51   51   31
Fair value of loans with 90+ day delinquencies $ 33,822   $ 33,822   $ 18,032
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     1,994   1,640
Unpaid principal balance 510,839   $ 510,839   $ 274,617
Fair value of loans $ 512,236   $ 512,236   $ 278,242
Weighted average coupon rate (as a percent) 8.04%   8.04%   7.05%
Weighted average remaining loan term (years)     1 year   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 $ 7,144   $ 7,144   $ 0
Number of loans with 90+ day delinquencies | loan 47   47   0
Fair value of loans with 90+ day delinquencies $ 7,063   $ 7,063   $ 0