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Business Purpose Loans - Activity and Characteristics of Business Purpose Loans (Details)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2022
USD ($)
loan
Jun. 30, 2021
USD ($)
Jun. 30, 2022
USD ($)
loan
Jun. 30, 2021
USD ($)
Dec. 31, 2021
USD ($)
loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Purchases of held-for-sale loans     $ 3,395,459 $ 6,682,864  
Principal balance of loans sold to third parties     26,033 29,786  
Fair value of loans transferred     1,953,421 1,998,535  
Single-family rental loans, held-for-sale | Redwood          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Purchases of held-for-sale loans $ 323,245 $ 312,217 765,972 565,315  
Principal balance of loans acquired 38,457 0 100,349 0  
Principal balance of loans sold to third parties 0 0 331,502 0  
Fair value of loans transferred 295,037 297,301 295,037 466,705  
Gain (loss) on investments 0 0 0 0  
Fair value of loans 505,171   505,171   $ 358,309
Single-family rental loans, held-for-sale | Redwood | Business Purpose Mortgage Banking Activities, Net:          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Gain (loss) on investments (40,034) 25,222 (64,502) 35,470  
Bridge loans held-for-investment          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Purchases of held-for-sale loans 542,241 215,160 954,179 348,389  
Principal balance of loans acquired 19,023 0 22,006 0  
Principal balance of loans sold to third parties 0 354 0 9,231  
Gain (loss) on investments (5,455) (62) (6,214) 3,242  
Fair value of loans 1,109,337   1,109,337   666,364
Bridge loans held-for-investment | Business Purpose Mortgage Banking Activities, Net:          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Gain (loss) on investments (1,136) 978 1,239 1,520  
Bridge loans held-for-investment | Redwood          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Fair value of loans transferred 306,313 0 388,604    
Business Purpose Loans          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Fee income 12,000   27,000    
Fair value of loans 5,202,937   5,202,937   4,790,989
Single Family Rental Loans Held For Investment At Fair Value | Redwood          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Fair value of loans 0   0   $ 0
Single Family Rental Loans Held For Investment At Fair Value | CAFL          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Gain (loss) on investments (118,299) (1,230) $ (310,202) (62,132)  
Number of loans | loan     1,154   1,173
Unpaid principal balance 3,227,172   $ 3,227,172   $ 3,340,949
Fair value of loans $ 3,046,277   $ 3,046,277   $ 3,488,074
Weighted average coupon rate (as a percent) 5.16%   5.16%   5.17%
Weighted average remaining loan term (years)     6 years   6 years
Fair value of loans with 90+ day delinquencies $ 10,356   $ 10,356   $ 12,648
Number of loans in foreclosure | loan 7   7   9
Single Family Rental Loans Held For Investment At Fair Value | CAFL | Financing Receivables, Equal to Greater than 90 Days Past Due          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Number of loans with 90+ day delinquencies | loan 20   20   18
Fair value of loans with 90+ day delinquencies $ 50,469   $ 50,469   $ 41,998
Bridge Loans Held For Investment At Fair Value | CAFL          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Gain (loss) on investments (281) $ 0 $ (1,856) $ 0  
Single-Family Rental Loans, Held-For-Sale | Redwood          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Number of loans | loan     355   245
Unpaid principal balance 536,344   $ 536,344   $ 348,232
Fair value of loans $ 505,171   $ 505,171   $ 358,309
Weighted average coupon rate (as a percent) 5.31%   5.31%   4.73%
Weighted average remaining loan term (years)     14 years   12 years
Fair value of loans with 90+ day delinquencies $ 5,212   $ 5,212   $ 5,473
Number of loans in foreclosure | loan 4   4   7
Unpaid principal balance of loans in foreclosure $ 4,086   $ 4,086   $ 4,305
Single-Family Rental Loans, Held-For-Sale | Redwood | Loans Pledged As Collateral, Short Term Debt          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Gain (loss) on investments     312,732   75,873
Single-Family Rental Loans, Held-For-Sale | Redwood | Loans Pledged As Collateral, Long Term debt          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Gain (loss) on investments     180,482   244,703
Single-Family Rental Loans, Held-For-Sale | Redwood | Financing Receivables, Equal to Greater than 90 Days Past Due          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Fair value of loans $ 4,086   $ 4,086   $ 4,238
Number of loans with 90+ day delinquencies | loan 4   4   6
Fair value of loans with 90+ day delinquencies $ 5,212   $ 5,212   $ 5,384
Business Purpose Bridge Loans          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Number of loans | loan     1,131   1,134
Unpaid principal balance 1,116,582   $ 1,116,582   $ 670,392
Fair value of loans $ 1,109,337   $ 1,109,337   $ 666,364
Weighted average coupon rate (as a percent) 6.73%   6.73%   6.91%
Weighted average remaining loan term (years)     2 years   1 year
Fair value of loans with 90+ day delinquencies $ 35,070   $ 35,070   $ 18,043
Number of loans in foreclosure | loan 53   53   28
Unpaid principal balance of loans in foreclosure $ 32,338   $ 32,338   $ 14,257
Business Purpose Bridge Loans | Loans Pledged As Collateral, Short Term Debt          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Gain (loss) on investments     265,242   91,814
Business Purpose Bridge Loans | Loans Pledged As Collateral, Long Term debt          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Gain (loss) on investments     779,467   554,597
Business Purpose Bridge Loans | Financing Receivables, Equal to Greater than 90 Days Past Due          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Fair value of loans $ 30,209   $ 30,209   $ 14,218
Number of loans with 90+ day delinquencies | loan 51   51   31
Fair value of loans with 90+ day delinquencies $ 32,941   $ 32,941   $ 18,032
Business Purpose Bridge Loans | CAFL          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Number of loans | loan     2,268   1,640
Unpaid principal balance 541,677   $ 541,677   $ 274,617
Fair value of loans $ 542,152   $ 542,152   $ 278,242
Weighted average coupon rate (as a percent) 6.89%   6.89%   7.05%
Weighted average remaining loan term (years)     1 year   1 year
Fair value of loans with 90+ day delinquencies $ 4,472   $ 4,472   $ 0
Number of loans in foreclosure | loan 3   3   0
Unpaid principal balance of loans in foreclosure $ 4,472   $ 4,472   $ 0
Business Purpose Bridge Loans | CAFL | Financing Receivables, Equal to Greater than 90 Days Past Due          
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]          
Fair value of loans $ 7,847   $ 7,847   $ 0
Number of loans with 90+ day delinquencies | loan 48   48   0
Fair value of loans with 90+ day delinquencies $ 7,847   $ 7,847   $ 0