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Principles of Consolidation - Schedule of 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 | 12 Months Ended
--- | ---
Dec. 31, 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 | $ 10,885 | $ 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 (as a percent) | 13.00% | 11.00%
Decrease in fair value from: |  |
100 basis point increase | $ 405 | $ 430
200 basis point increase | $ 827 | $ 832
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 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 | $ 31,690 | $ 28,722
Expected life (in years) | 9 years | 7 years
Prepayment speed assumption (annual CPR) (as a percent) | 5.00% | 10.00%
Decrease in fair value from: |  |
10% adverse change | $ 532 | $ 970
25% adverse change | $ 1,335 | $ 2,344
Discount rate assumption (as a percent) | 13.00% | 12.00%
Decrease in fair value from: |  |
100 basis point increase | $ 1,322 | $ 980
200 basis point increase | $ 2,506 | $ 1,894
Credit loss assumption (as a percent) | 0.03% | 0.03%
Senior 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 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 | $ 78,942 | $ 74,367
Expected life (in years) | 13 years | 16 years
Prepayment speed assumption (annual CPR) (as a percent) | 6.00% | 8.00%
Decrease in fair value from: |  |
10% adverse change | $ 200 | $ 386
25% adverse change | $ 477 | $ 907
Discount rate assumption (as a percent) | 9.00% | 9.00%
Decrease in fair value from: |  |
100 basis point increase | $ 6,855 | $ 7,198
200 basis point increase | $ 12,883 | $ 13,394
Credit loss assumption (as a percent) | 0.03% | 0.03%
Decrease in fair value from: |  |
10% higher losses | $ 36 | $ 31
25% higher losses | $ 96 | $ 76
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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