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Fair Value of Financial Instruments - Market Valuation Adjustments, Net (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total Market Valuation Gains, Net $ 31,439 $ 25,600
Mortgage Banking Activities, Net    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Market valuations gains and losses, net 11,690 26,238
Mortgage Banking Activities, Net | Residential loans, at fair value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Market valuations gains and losses, net 3,533 4,774
Mortgage Banking Activities, Net | Residential loan purchase and forward sale commitments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Market valuations gains and losses, net 11,311 (6,968)
Mortgage Banking Activities, Net | Single-family rental loans held-for-sale, at fair value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Market valuations gains and losses, net 1,603 0
Mortgage Banking Activities, Net | Single-family rental loan purchase commitments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Market valuations gains and losses, net 141 0
Mortgage Banking Activities, Net | Residential bridge loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Market valuations gains and losses, net 86 0
Mortgage Banking Activities, Net | Risk management derivatives, net    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Market valuations gains and losses, net (4,984) 28,432
Investment Fair Value Changes, Net    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Market valuations gains and losses, net 20,159 1,609
Investment Fair Value Changes, Net | Risk management derivatives, net    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Market valuations gains and losses, net (42,375) 43,782
Investment Fair Value Changes, Net | Residential loans held-for-investment, at Redwood    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Market valuations gains and losses, net 28,108 (38,985)
Investment Fair Value Changes, Net | Residential bridge loans held-for-investment    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Market valuations gains and losses, net (303) 0
Investment Fair Value Changes, Net | Trading securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Market valuations gains and losses, net 21,860 (2,955)
Investment Fair Value Changes, Net | Servicer advance investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Market valuations gains and losses, net 1,008 0
Investment Fair Value Changes, Net | Excess MSRs    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Market valuations gains and losses, net (437) 0
Investment Fair Value Changes, Net | Legacy Sequoia    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Market valuations gains and losses, net (374) (8)
Investment Fair Value Changes, Net | Sequoia Choice    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Market valuations gains and losses, net 3,265 (86)
Investment Fair Value Changes, Net | Freddie Mac SLST    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Market valuations gains and losses, net 6,365 0
Investment Fair Value Changes, Net | Freddie Mac K-Series    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Market valuations gains and losses, net 3,119 0
Investment Fair Value Changes, Net | Risk-sharing investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Market valuations gains and losses, net (77) (139)
Other Income (Expense), Net    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total other income, net (410) (2,247)
Other Income (Expense), Net | Risk management derivatives, net    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total other income, net 2,251 (5,139)
Gain on re-measurement of 5 Arches investment 2,441 0
Other Income (Expense), Net | MSRs    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total other income, net $ (5,102) $ 2,892