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Fair Value of Financial Instruments - Schedule of Market Valuation Adjustments, Net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Changes in fair value of assets $ 46,197 $ (58,648) $ 196,566
Mortgage servicing rights income (loss), net 7,033 14,879 2,380
Total Market Valuation Gains (Losses), Net $ 35,814 $ (227,186) $ 321,433
Mortgage Banking Activities, Net      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investment, Type [Extensible Enumeration] Total Market Valuation Gains (Losses), Net Total Market Valuation Gains (Losses), Net Total Market Valuation Gains (Losses), Net
Mortgage Banking Activities, Net | Residential loans, held-for-sale at fair value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Changes in fair value of assets $ 20,376 $ (77,192) $ 73,332
Mortgage Banking Activities, Net | Residential loan purchase and commitments      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Changes in fair value of assets 22,600 (54,484) 10,401
Mortgage Banking Activities, Net | BPL term loans held-for-sale      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Changes in fair value of assets 16,500 (91,025) 63,206
Mortgage Banking Activities, Net | BPL term loan interest rate lock commitments      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Changes in fair value of assets 0 (666) 666
Mortgage Banking Activities, Net | BPL bridge loans      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Changes in fair value of assets 5,704 3,026 8,253
Mortgage Banking Activities, Net | Trading securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Changes in fair value of assets (159) 4,249 (352)
Mortgage Banking Activities, Net | Risk management derivatives, net      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Changes in fair value of assets (18,824) 157,444 41,060
Investment Fair Value Changes, Net      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Changes in fair value of assets (44,400) (178,271) 114,624
Investment Fair Value Changes, Net | BPL term loans held-for-sale      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Changes in fair value of assets (14,430) 0 0
Investment Fair Value Changes, Net | Trading securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Changes in fair value of assets 11,251 (38,471) 23,935
Investment Fair Value Changes, Net | Risk management derivatives, net      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Changes in fair value of assets (1,479) 26,152 0
Investment Fair Value Changes, Net | Residential loans held-for-investment at Redwood (called Sequoia loans)      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Changes in fair value of assets 183 (16,651) 2,812
Investment Fair Value Changes, Net | BPL bridge loans held-for-investment      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Changes in fair value of assets (39,361) (7,271) (65)
Investment Fair Value Changes, Net | Servicer advance investments      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Changes in fair value of assets 11,863 (11,075) (925)
Investment Fair Value Changes, Net | Excess MSRs      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Changes in fair value of assets (1,668) (5,196) (8,017)
Investment Fair Value Changes, Net | Net investments in Legacy Sequoia entities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Changes in fair value of assets (160) (1,302) (1,558)
Investment Fair Value Changes, Net | Net investments in Sequoia Choice entities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Changes in fair value of assets 2,567 (23,818) 14,176
Investment Fair Value Changes, Net | Net investments in Freddie Mac SLST entities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Changes in fair value of assets (13,446) (76,778) 62,374
Investment Fair Value Changes, Net | Net investments in Freddie Mac K-Series entities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Changes in fair value of assets 1,541 110 11,599
Investment Fair Value Changes, Net | Net investments in CAFL entities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Changes in fair value of assets 5,504 (34,899) 10,271
Investment Fair Value Changes, Net | Other investments      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Changes in fair value of assets (6,077) 13,468 (366)
Investment Fair Value Changes, Net | Other      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Changes in fair value of assets (746) 0 0
Investment Fair Value Changes, Net | Credit losses on AFS securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Changes in fair value of assets 58 (2,540) 388
HEI income, Net      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Changes in fair value of assets 35,117 2,714 13,425
HEI income, Net | HEI at Redwood      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Changes in fair value of assets 30,749 (201) 13,207
HEI income, Net | Net investments in HEI securitization entities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Changes in fair value of assets 4,368 2,915 218
Other Income      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Mortgage servicing rights income (loss), net (1,100) 7,019 (3,182)
Other Income | Other      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Mortgage servicing rights income (loss), net (556) (1,541) 0
Other Income | MSRs      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Mortgage servicing rights income (loss), net $ (544) $ 8,560 $ (3,182)