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Residential Loans - Additional Information (Details)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2020
USD ($)
loan
Dec. 31, 2019
USD ($)
loan
Jun. 30, 2020
USD ($)
loan
Jun. 30, 2019
USD ($)
Jun. 30, 2020
USD ($)
loan
Jun. 30, 2019
USD ($)
Dec. 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         $ 706,775,000 $ 518,521,000  
Held-for-sale residential loans              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Loans, at fair value $ 4,534,331,000 $ 7,714,850,000 $ 4,534,331,000   4,534,331,000   $ 7,714,850,000
Held-for-sale residential loans | Sequoia Choice              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Loans, at fair value 2,064,388,000 2,291,463,000 2,064,388,000   2,064,388,000   2,291,463,000
Held-for-sale residential loans | Freddie Mac SLST              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Loans, at fair value 2,145,111,000 2,367,215,000 2,145,111,000   2,145,111,000   2,367,215,000
Held-for-sale residential loans | Legacy Sequoia              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Loans, at fair value 304,632,000 407,890,000 304,632,000   304,632,000   407,890,000
Redwood | Held-for-sale residential loans              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Loans, at fair value $ 20,200,000 $ 2,648,282,000 20,200,000   20,200,000   2,648,282,000
Residential Loans              
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]              
Number of loans | loan 29 669          
Loan principal $ 21,000,000 $ 525,000,000 21,000,000   21,000,000   525,000,000
Loans, at fair value 20,000,000 $ 536,000,000 20,000,000   20,000,000   $ 536,000,000
Balance of loans 90 days or more delinquent $ 1,000,000   $ 1,000,000   $ 1,000,000    
Number of loans in foreclosure | loan 1 0 1   1   0
Fair value of loans, in foreclosure $ 400,000   $ 400,000   $ 400,000    
Principal value of loans purchased     58,000,000 $ 1,530,000,000 2,690,000,000 2,490,000,000  
Principal balance of loans sold during period     2,280,000,000 1,230,000,000 4,940,000,000 2,390,000,000  
Gain (loss) on assets measured at fair value on a non-recurring basis       3,000,000 (15,000,000) 7,000,000  
Loan pledged as collateral $ 15,000,000   $ 15,000,000   $ 15,000,000    
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 3 1 3   3   1
Aggregate unpaid principal balance $ 2,000,000   $ 2,000,000   $ 2,000,000    
Balance of loans 90 days or more delinquent $ 3,000,000 $ 1,000,000 3,000,000   3,000,000   $ 1,000,000
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)     8,000,000 1,000,000 (61,000,000) 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     271,000,000 0 271,000,000 350,000,000  
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 2,861 3,156          
Loan principal $ 2,030,000,000.00 $ 2,240,000,000 2,030,000,000.00   2,030,000,000.00   2,240,000,000
Loans, at fair value $ 2,060,000,000.00 $ 2,290,000,000 $ 2,060,000,000.00   $ 2,060,000,000.00   $ 2,290,000,000
Number of loans in foreclosure | loan 5 3 5   5   3
Fair value of loans, in foreclosure $ 3,000,000 $ 2,000,000 $ 3,000,000   $ 3,000,000   $ 2,000,000
Weighted average original FICO score 743   743   743    
Weighted average original loan-to-value (LTV) 74.00%   74.00%   74.00%    
Net market valuation gain (loss)     $ 94,000,000   $ (17,000,000)    
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         14,143   14,502
Loan principal $ 2,350,000,000 2,430,000,000 2,350,000,000   $ 2,350,000,000   $ 2,430,000,000
Loans, at fair value $ 2,150,000,000 $ 2,370,000,000 $ 2,150,000,000   $ 2,150,000,000   $ 2,370,000,000
Number of loans in foreclosure | loan 236 208 236   236   208
Fair value of loans, in foreclosure $ 38,000,000 $ 33,000,000 $ 38,000,000   $ 38,000,000   $ 33,000,000
Weighted average original FICO score 600   600   600    
Weighted average original loan-to-value (LTV) 73.00%   73.00%   73.00%    
Net market valuation gain (loss)     $ 49,000,000 31,000,000 $ (144,000,000) 55,000,000  
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 2,063 2,198          
Loan principal $ 382,000,000 $ 425,000,000 382,000,000   382,000,000   425,000,000
Loans, at fair value 305,000,000 408,000,000 305,000,000   305,000,000   408,000,000
Aggregate unpaid principal balance 12,000,000 10,000,000 12,000,000   12,000,000   10,000,000
Fair value of loans, in foreclosure $ 3,000,000 4,000,000 $ 3,000,000   $ 3,000,000   4,000,000
Weighted average original FICO score 727   727   727    
Weighted average original loan-to-value (LTV) 65.00%   65.00%   65.00%    
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]              
Loans, at fair value $ 4,514,131,000 7,178,465,000 $ 4,514,131,000   $ 4,514,131,000   7,178,465,000
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]              
Loans, at fair value 2,064,388,000 2,291,463,000 2,064,388,000   2,064,388,000   2,291,463,000
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]              
Loans, at fair value 2,145,111,000 2,367,215,000 2,145,111,000   2,145,111,000   2,367,215,000
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]              
Loans, at fair value $ 304,632,000 $ 407,890,000 304,632,000   304,632,000   407,890,000
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         2,050,000,000.00
Loans, at fair value $ 0 $ 2,110,000,000 0   0   $ 2,110,000,000
Number of loans in foreclosure | loan   0         0
Principal value of loans purchased       0   39,000,000  
Principal balance of loans sold during period       0   0  
Gain (loss) on assets measured at fair value on a non-recurring basis     0 36,000,000 (94,000,000) 64,000,000  
Transfers from loans held-for-sale to loans held-for-investment     0 30,000,000 13,000,000 69,000,000  
Transfers from loans held-for-investment to loans held-for-sale     $ 0 $ 0 $ 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]              
Loans, at fair value   $ 2,111,897,000         $ 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 22 9 22   22   9
Aggregate unpaid principal balance $ 16,000,000 $ 7,000,000 $ 16,000,000   $ 16,000,000   $ 7,000,000
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 1,409 587 1,409   1,409   587
Aggregate unpaid principal balance $ 258,000,000 $ 135,000,000 $ 258,000,000   $ 258,000,000   $ 135,000,000
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         $ 1,000,000
Number of loans past due | loan   2         2
Aggregate unpaid principal balance   $ 2,000,000         $ 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 $ 20,000,000   $ 20,000,000   $ 20,000,000