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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 | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2023 | Dec. 31, 2022
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 | $ 11,562 | $ 11,589
Expected life (in years) | 8 years | 7 years
Prepayment speed assumption (annual CPR) (as a percent) | 6.00% | 8.00%
Decrease in fair value from: |  |
10% adverse change | $ 207 | $ 311
25% adverse change | $ 513 | $ 779
Discount rate assumption | 13.00% | 11.00%
Decrease in fair value from: |  |
100 basis point increase | $ 405 | $ 430
200 basis point increase | 827 | 832
Senior 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 | $ 32,772 | $ 28,722
Expected life (in years) | 10 years | 7 years
Prepayment speed assumption (annual CPR) (as a percent) | 5.00% | 10.00%
Decrease in fair value from: |  |
10% adverse change | $ 589 | $ 970
25% adverse change | $ 1,400 | $ 2,344
Discount rate assumption | 14.00% | 12.00%
Decrease in fair value from: |  |
100 basis point increase | $ 1,547 | $ 980
200 basis point increase | $ 2,782 | $ 1,894
Credit loss assumption | 0.03% | 0.03%
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 | $ 73,160 | $ 74,367
Expected life (in years) | 15 years | 16 years
Prepayment speed assumption (annual CPR) (as a percent) | 8.00% | 8.00%
Decrease in fair value from: |  |
10% adverse change | $ 458 | $ 386
25% adverse change | $ 1,086 | $ 907
Discount rate assumption | 9.00% | 9.00%
Decrease in fair value from: |  |
100 basis point increase | $ 6,878 | $ 7,198
200 basis point increase | $ 12,831 | $ 13,394
Credit loss assumption | 0.03% | 0.03%
Decrease in fair value from: |  |
10% higher losses | $ 31 | $ 31
25% higher losses | $ 80 | $ 76
Minimum | MSRs |  |
Decrease in fair value from: |  |
Impact of adverse change in prepayment speed | 10.00% | 10.00%
Impact of increase in discount rate assumption | 1.00% | 1.00%
Impact of adverse change in expected credit losses | 10.00% | 10.00%
Minimum | Senior Securities |  |
Decrease in fair value from: |  |
Impact of adverse change in prepayment speed | 10.00% | 10.00%
Impact of increase in discount rate assumption | 1.00% | 1.00%
Impact of adverse change in expected credit losses | 10.00% | 10.00%
Minimum | Subordinate Securities |  |
Decrease in fair value from: |  |
Impact of adverse change in prepayment speed | 10.00% | 10.00%
Impact of increase in discount rate assumption | 1.00% | 1.00%
Impact of adverse change in expected credit losses | 10.00% | 10.00%
Maximum | MSRs |  |
Decrease in fair value from: |  |
Impact of adverse change in prepayment speed | 25.00% | 25.00%
Impact of increase in discount rate assumption | 2.00% | 2.00%
Impact of adverse change in expected credit losses | 25.00% | 25.00%
Maximum | Senior Securities |  |
Decrease in fair value from: |  |
Impact of adverse change in prepayment speed | 25.00% | 25.00%
Impact of increase in discount rate assumption | 2.00% | 2.00%
Impact of adverse change in expected credit losses | 25.00% | 25.00%
Maximum | Subordinate Securities |  |
Decrease in fair value from: |  |
Impact of adverse change in prepayment speed | 25.00% | 25.00%
Impact of increase in discount rate assumption | 2.00% | 2.00%
Impact of adverse change in expected credit losses | 25.00% | 25.00%

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- Definition Weighted average life of securitized assets regardless of when the transfer occurred, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 860 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481326/860-20-50-4 + Details
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- Definition The carrying amount (fair value) as of the balance sheet date of the transferor's interests in transferred financial assets (typically securitized receivables, generally not involved in the collection of principal) following transfer of significant portions of such financial instruments to other parties. Such interests could be ancillary cash flows and interest-only strips. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 860 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481326/860-20-50-4 + Details
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- Definition The hypothetical financial impact of a specified adverse percentage change in expected credit losses, including static pool losses, on the fair value of transferor's interests in transferred financial assets (including any servicing assets or servicing liabilities) as of the balance sheet date. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 860 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481326/860-20-50-4 + Details
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