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Residential Loans - Additional Information (Details)
3 Months Ended
Mar. 31, 2020
USD ($)
loan
Dec. 31, 2019
USD ($)
loan
Mar. 31, 2020
USD ($)
loan
Mar. 31, 2019
USD ($)
loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Transfers from loans held-for-sale to loans held-for-investment     $ 382,635,000 $ 389,486,000
Transfers from loans held-for-investment to loans held-for-sale     1,857,781,000 22,758,000
Held-for-sale residential loans        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Residential loans $ 6,711,129,000 $ 7,714,850,000 6,711,129,000  
Held-for-sale residential loans | Legacy Sequoia        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Residential loans 316,677,000 407,890,000 316,677,000  
Held-for-sale residential loans | Sequoia Choice        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Residential loans 1,932,658,000 2,291,463,000 1,932,658,000  
Held-for-sale residential loans | Freddie Mac SLST        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Residential loans 2,131,125,000 2,367,215,000 2,131,125,000  
Redwood        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Residential loans 415,333,000 569,185,000 415,333,000  
Redwood | Held-for-sale residential loans        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Residential loans $ 2,330,669,000 $ 2,648,282,000 2,330,669,000  
Residential Loans        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Number of loans | loan 3,345 669    
Loan principal $ 2,370,000,000 $ 525,000,000 2,370,000,000  
Residential loans 2,330,000,000 $ 536,000,000 2,330,000,000  
Unpaid principal balance on delinquent or foreclosure loans $ 1,000,000   $ 1,000,000  
Number of loans in foreclosure | loan 1 0 1  
Principal value of loans purchased     $ 2,630,000,000 960,000,000
Principal balance of loans sold during period     2,660,000,000 1,160,000,000
Gain (loss) on assets measured at fair value on a non-recurring basis     (13,000,000) 4,000,000
Loan pledged as collateral $ 881,607,000 $ 201,949,000 881,607,000  
Loans committed to be sold to third parties 2,150,000,000   2,150,000,000  
Loans held-for-investment, in foreclosure $ 400,000   $ 400,000  
Residential 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]        
Number of loans past due | loan 6 1 6  
Unpaid principal balance on delinquent or foreclosure loans $ 3,000,000 $ 600,000 $ 3,000,000  
Loans held-for-investment, delinquent greater than 90 days $ 3,000,000 $ 700,000 3,000,000  
Held-for-investment at fair value | Legacy Sequoia        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Net market valuation gain (loss)     (69,000,000) 5,000,000
Held-for-investment at fair value | Sequoia Choice        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Transfers from loans held-for-sale to loans held-for-investment     0 350,000,000
Held-for-investment at fair value | Legacy Sequoia        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Number of loans | loan 2,123 2,198    
Loan principal $ 402,000,000 $ 425,000,000 402,000,000  
Residential loans 317,000,000 408,000,000 317,000,000  
Loans held-for-investment, delinquent greater than 90 days $ 9,000,000 10,000,000 $ 9,000,000  
Weighted average original FICO score 727   727  
Weighted average original loan-to-value (LTV) 65.00%   65.00%  
Loans held-for-investment, in foreclosure $ 5,000,000 $ 4,000,000 $ 5,000,000  
Held-for-investment at fair value | Sequoia Choice        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Number of loans | loan 2,831 3,156    
Loan principal $ 1,990,000,000 $ 2,240,000,000 1,990,000,000  
Residential loans $ 1,930,000,000 $ 2,290,000,000 $ 1,930,000,000  
Number of loans in foreclosure | loan 4 3 4  
Weighted average original FICO score 743   743  
Weighted average original loan-to-value (LTV) 75.00%   75.00%  
Loans held-for-investment, in foreclosure $ 3,000,000 $ 2,000,000 $ 3,000,000  
Net market valuation gain (loss)     $ (110,000,000) $ 10,000,000
Held-for-investment at fair value | Freddie Mac SLST        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Number of loans | loan     14,303 14,502
Loan principal 2,390,000,000 2,430,000,000 $ 2,390,000,000  
Residential loans $ 2,130,000,000 $ 2,370,000,000 $ 2,130,000,000  
Number of loans in foreclosure | loan 286 208 286  
Weighted average original FICO score 600   600  
Weighted average original loan-to-value (LTV) 73.00%   73.00%  
Loans held-for-investment, in foreclosure $ 46,000,000 $ 33,000,000 $ 46,000,000  
Net market valuation gain (loss)     (193,000,000) $ 24,000,000
Held-for-investment at fair value | Held-for-sale residential loans        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Residential loans 4,380,460,000 7,178,465,000 4,380,460,000  
Held-for-investment at fair value | Held-for-sale residential loans | Legacy Sequoia        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Residential loans 316,677,000 407,890,000 316,677,000  
Held-for-investment at fair value | Held-for-sale residential loans | Sequoia Choice        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Residential loans 1,932,658,000 2,291,463,000 1,932,658,000  
Held-for-investment at fair value | Held-for-sale residential loans | Freddie Mac SLST        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Residential loans $ 2,131,125,000 $ 2,367,215,000 2,131,125,000  
Held-for-investment at fair value | Redwood        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Number of loans | loan 0 2,940    
Loan principal   $ 2,050,000,000.00    
Residential loans $ 0 $ 2,110,000,000 0  
Number of loans in foreclosure | loan   0    
Principal value of loans purchased     0 39,000,000
Gain (loss) on assets measured at fair value on a non-recurring basis     (94,000,000) 28,000,000
Transfers from loans held-for-sale to loans held-for-investment     13,000,000 39,000,000
Transfers from loans held-for-investment to loans held-for-sale     $ 1,870,000,000 $ 23,000,000
Held-for-investment at fair value | Redwood | Held-for-sale residential loans        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Residential loans   $ 2,111,897,000    
Held-for-investment at fair value | Financing Receivables, Equal to Greater than 90 Days Past Due | Sequoia Choice        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Number of loans past due | loan 5 9 5  
Loans held-for-investment, delinquent greater than 90 days $ 3,000,000 $ 7,000,000 $ 3,000,000  
Held-for-investment at fair value | Financing Receivables, Equal to Greater than 90 Days Past Due | Freddie Mac SLST        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Number of loans past due | loan 632 587 632  
Loans held-for-investment, delinquent greater than 90 days $ 156,000,000 $ 135,000,000 $ 156,000,000  
Held-for-investment at fair value | Financing Receivables, Equal to Greater than 90 Days Past Due | Redwood        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Loan principal   $ 1,000,000    
Number of loans past due | loan   2    
Loans held-for-investment, delinquent greater than 90 days   $ 2,000,000    
MSRs        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Mortgage servicing rights, at amortized cost 1,750,000,000   1,750,000,000  
Residential Real Estate | Redwood | Held-for-sale residential loans | FHLB Chicago        
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]        
Loans pledged as collateral under borrowing agreement with FHLBC $ 1,430,000,000   $ 1,430,000,000