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Fair Value of Financial Instruments - Schedule of Portion of Net Gains (Losses) Attributable to Level 3 Assets and Liabilities Still Held Included in Net Income (Details) - USD ($) $ in Thousands | 12 Months Ended
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Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021
Loan purchase and interest rate lock commitments |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Net gain (loss) attributable to Level 3 liability | $ (3,414) | $ (14) | $ (503)
Net investments in HEI securitization entities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Net gain (loss) attributable to Level 3 asset | 4,368 | 2,916 | 218
Residential loans, held-for-investment, at fair value | Residential loans at Redwood |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Net gain (loss) attributable to Level 3 asset | 34,730 | (43,019) | 5,886
Residential loans, held-for-investment, at fair value | Net investments in consolidated Sequoia entities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Net gain (loss) attributable to Level 3 asset | 1,659 | (25,563) | 12,455
Residential loans, held-for-investment, at fair value | Freddie Mac SLST |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Net gain (loss) attributable to Level 3 asset | (13,726) | (76,811) | 62,124
Business purpose loans |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Net gain (loss) attributable to Level 3 asset | (20,251) | (31,927) | 9,444
Multifamily securities | Freddie Mac K-Series |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Net gain (loss) attributable to Level 3 asset | 1,541 | 110 | 11,599
Single-family rental loans | Net investments in consolidated CAFL Term entities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Net gain (loss) attributable to Level 3 asset | 5,504 | (34,899) | 8,198
Trading securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Net gain (loss) attributable to Level 3 asset | 3,155 | (34,027) | 738
AFS Securities |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Net gain (loss) attributable to Level 3 asset | 59 | (2,540) | 0
Servicer advance investments |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Net gain (loss) attributable to Level 3 asset | 11,863 | (11,076) | (926)
MSRs |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Net gain (loss) attributable to Level 3 asset | 498 | 9,804 | 629
Excess MSRs |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Net gain (loss) attributable to Level 3 asset | (1,668) | (5,196) | (8,017)
Shared home appreciation options |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Net gain (loss) attributable to Level 3 asset | 24,194 | (670) | 212
Other investments |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Net gain (loss) attributable to Level 3 asset | (94) | (901) | (6)
Loan purchase and interest rate lock commitments |  |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |  |
Net gain (loss) attributable to Level 3 asset | $ 11,518 | $ 336 | $ 4,633

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